JAN 28/GOLD AND SILVER CONTINUES ON THEIR MARCH FORWARD: GOLD CLOSED UP $218.00 TO $5305.00//SILVER CLOSED UP $5.60 TO $112.70//PLATINUM HOWEVER CLOSED DOWN $182.95 TO $2638.60 WHILE PALLADIUM WAS DOWN $11.82 TO $2018.70//GOLD COMMENTARY TONIGHT COURTESY OF ALASDAIR MACLEOD//THE EU ON THEIR DEADLY CAMPAIGN AGAINST FREEDOM OF SPEECH//SOCIALIST SANCHEZ IN SPAIN GIVES AMNESTY OF MUSLIM MIGRANTS//DEUTSCHE BANK’S OFFICES RAIDED AS WELL AS FULTON COUNTRY GEORGIA (ELECTION 2020)/ISRAEL VS HAMAS UPDATES//IRAN VS USA UPDATES//COVID VACCINE INJURY REPORT: MARK CRISPIN MILLER// PLENTY OF USA ECONOMIC REPORTS; UPS SHUTTERS AIR OPERATIONS//SWAMP STORIES FOR YOU TONIGHT//
363 H WELLS FARGO SECURITI 12 523 H INTERACTIVE BROKERS 4 624 H BOFA SECURITIES 2 661 C JP MORGAN SECURITIES 7 2 709 C BARCLAYS 5 737 C ADVANTAGE FUTURES 1 905 C ADM 17
TOTAL: 25 25 MONTH TO DATE: 11,851
JPMORGAN STOPPED 2/25
JANUARY
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 25 CONTRACTs NOTICES FOR 2500 OZ or 0.0776 TONNES
total notices so far: 11,851 contracts for 1,185,100 OR 36.861 tonnes)
FOR JANUARY
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SILVER NOTICES: 79 NOTICE(S) FILED FOR 0.395 MILLION OZ OZ/
total number of notices filed so far this month : 9608 CONTRACTS (NOTICES) for 48.040 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $218.00 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .85 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 1087.38TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $5.60 AT THE SLV: HUGE CHANGES AT THE SLV: A FRAUDULENT WITHDRAWAL OF 4.078 MILLION OZ FROM THE SLV// SILVER ARRIVED AT THE GLD COMING FROM THE COMEX
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 509.510 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA HUGE SIZED 5,306 CONTRACTS TO 156,637 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS MEGA HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE $7.00 LOSS IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S // TRADING.
THE LONG SPECULATORS ARE STILL QUITE RELENTLESS AS THEY POUR INTO THE OPEN INTEREST AT THE COMEX AS YOU WILL WITNESS WITH TODAY’S TRADING. THE FRBNY CONTINUES TO SUPPLY THE NECESSARY PAPER AS THEY TRY TO DRIVE THE PRICE SOUTHBOUND WITH THE HELP OF HIGH FREQUENCY TRADERS , T.A.S. SPREADERS AND NOW MONTH END SPREADERS.
WE HAVE REVERTED BACK TO NORMAL WITH THE SPECS NOW GOING ON THE LONG SIDE AND THE BANKER (FRBNY) ON THE SHORT SIDE AND PROVIDING THE NECESSARY SHORT PAPER.
IT IS OUR SILVER SPECULATORS THAT WERE PILING INTO THE SILVER COMEX. WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW SURPASSING OUR LAST MAJOR HURDLE OF $100.00 SILVER.
WE HAVE A MEGA HUGE SIZED LOSS OF 3848 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE SIZED 1458 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING WITH OUR HUGE LOSS IN PRICE ALONG WITH COMMENCEMENT OF SPREADER LIQUIDATION /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON TUESDAY WITH SILVER’S HUGE LOSS IN PRICE AS THE SPECS PILED INTO THE SILVER ARENA. .
THE PRICE FINISHED STILL HUGELY ABOVE THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE CLOSING AT $107.10 DOWN $7.00 WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A MAMMOTH SIZED 5759 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING AGAIN THE 100.00 DOLLAR MARK!!.MAMMOTH SIZE T.A.S ISSUANCE IS BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A MEGA HUGE SIZED 1459 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS SIZED 5759 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A MEGA HUGE SIZED LOSS OF 3848 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE LOSS IN PRICE OF $7.00 WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION AND NO DOUBT REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE SPECULATOR LONGS STILL REMAIN STOIC EVEN ON OUR HUGE PRICE FALLS. EASTERN CENTRAL BANKER WENT TO THE LONG SIDE. THEY WILL TENDER FOR THE BADLY NEEDED PHYSICAL SILVER.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT//WEDNESDAY MORNING: A MAMMOTH SIZED 5759 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 0.395 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 48.260 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 48.360 MILLION OZ!!
WE HAD:
/ MEGA MEGA HUMONGOUS COMEX OI LOSS+// A MEGA HUGE SIZED 1458 EFP ISSUANCE CONTRACTS (/ VI) A MAMMOTH NUMBER OF T.A.S. CONTRACT ISSUANCE 5759 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A MASSIVE 1578 SILVER CONTRACTS!!!!!
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JAN.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JAN.
TOTAL CONTRACTS for 18 DAY(S), total 25,127contracts: OR 125.635 MILLION OZ (1395 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 125.635MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 118.345 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
RESULT: WE HAD A MEGA MEGA HUMGONOUS SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5306 CONTRACTS WITH OUR LOSS IN PRICE OF $7.00 IN SILVER PRICING AT THE COMEX// TUESDAY,. THE CME NOTIFIED US THAT WE HAD A MEGA HUGE SIZED CONTRACT EFP ISSUANCE: 1458 CONTRACTS ISSUED FOR MARCH, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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LAST 10 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 0.345 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 48.260 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 48.360 MILLION OZ
THE NEW TAS ISSUANCE TUESDAY NIGHT (5759) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 79 NOTICE(S) FILED TODAY FOR 0.395 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A MEGA MEGA HUGE SIZED 36,598 OI CONTRACTS DOWN TO 488,463 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A RELATIVELY LOWISH OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE AND CRIMINAL 5799 ONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A MEGA MEGA SIZED LOSS IN COMEX OI (36,598 ONTRACTS) . THIS OCCURRED DESPITE OUR GAIN OF $2.55 IN PRICE// MONDAY///.
LAST 9 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO /DECEMBER 25 AND NOW JAN 26)
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.1335TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.1057 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.6061TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.82 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.204 TONNES.
E.F.P. ISSUANCE/FOR OPENING JANUARY GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1919 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 488,463 AND WE NOW WITNESSING A NOW BIGGER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW EASIER TO FLEECE SPECS.
SILVER ALSO HAS A FAIR SIZED COMEX OI OF 156,637 CONTRACTS//
IN ESSENCE WE HAVE A MEGA HUGE SIZED LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 34,679 CONTRACTS WITH 36,598 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1919 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 34,679 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED BUT CRIMINAL 3243 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON.
GOLD PRICE ON MONDAY ROSE BY $2.55
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(1919) ACCOMPANYING THE STRONG LOSS IN COMEX OI OF 36,598 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 34,679 CONTRACTS..
WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND NEWBIE SPECULATORS GOING TO THE LONG SIDE AND POURING IT ON WITH RECKLASS ABANDON!! . ,2.) STRONG INITIAL STANDING FOR GOLD FOR JAN AT 13.285 PLUS OUR NEXT QUEUE JUMP OF 0.1057 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.121 NEW TOTAL QUEUE JUMP OF 30.7117 TONNES//NEW NORMAL DELIVERY ADVANCES TO 36.889 TONNES FOLLOWED BY OUR 6 EXCHANGE FOR RISK OF 22.315 TONNNES//NEW STANDING A HUGE TO 59.204 TONNES
NEW STANDING ADVANCES TO 59.204 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 59.204 TONNES OF GOLD
3) HUGE T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION AND HUGE MONTHLY SPREADER LIQUIDATION // AND A HUGE LOSS OF EQUITY SHARES/JAN 27 AS WE HAD 1)A $2.55 COMEX PRICE GAIN AND WE HAD 2) NEWBIE SPEC SHORTS GETTING LIQUIFIED AND ON A NET BASIS, THE SPECS LOST HUGELY IN NUMBERS + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A MEGA HUGE SIZED LOSS OF 34,679 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN JAN. (59.204TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL WITH THE SMALL GAIN IN PRICE TUESDAY
4)A MEGA HUGE COMEX OI LOSS 5) V) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (1919) AND A STRONG T.A.S. ISSUANCE (3283) FOR RAID PURPOSES
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN :
TOTAL EFP CONTRACTS ISSUED: 54,206 CONTRACTS OR 5,420,600 OZ OR 168.603 TONNES IN 18 TRADING DAY(S) AND THUS AVERAGING: 3075 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN18 TRADING DAY(S) IN TONNES: 168.603 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 168.603 TONNES DIVIDED BY 3550 x 100% TONNES = 4.73% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 168.603 TONNES (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
SPREADING OPERATION
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA HUGE SIZED 5306 CONTRACTS OI TO 158,241 AND CLOSER TO TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 1458 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 1458 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 5306 CONTRACTS AND ADD TO THE 1458 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUGE SIZED LOSS OF 3848 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $7.00 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 19.240 MILLION PAPER OZ
OCCURRED DESPITE OUR LOSS IN PRICE.OF $7.00
2.ASIAN AFFAIRS JAN 28/2025
SHANGHAI CLOSED UP 11.33 PTS OR 0.27%
//Hang Seng CLOSED UP 699.96 PTS OR 2.58%
// Nikkei CLOSED UP 289.46 PTS OR 0.56%
//Australia’s all ordinaries CLOSED DOWN 0.36%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9468
/ OFFSHORE CLOSED UP AT 6.9423 Oil UP TO 62.45 dollars per barrel for WTI and BRENT UP TO 67.35 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 6.9468 OFFSHORE YUAN TRADING UP TO 6.9423 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A HUMONGOUS SIZED 36,598 CONTRACTS TO 488,463 OI DESPITE OUR SMALL GAIN IN PRICE OF $2.55 WITH RESPECT TO TUESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1919).
WE HAD HUGE T.A.S. LIQUIDATION TUESDAY ALONG WITH THE COMMENCEMENT OF MONTHLY SPREADERS. IT SEEMS THAT THE SPECULATORS WENT MASSIVELY HUGE TO THE LONG SIDE WITH OUR FRBNY PROVIDING STILL THE MASSIVE NECESSARY PAPER AND OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE .
YOU WILL NOTICE THAT THE COMEX OI IS NOW GAINING HUGELY FROM ITS LOW OI OF AROUND 418,000 TO NOW 488,463 AND NOW AMPLE ENOUGH FOR AN ATTEMPTED RAID BY OUR BANKERS. FROM CHINA WE LEARN THAT THE GOLD LEASE RATE IS NOW AROUND 3 TO 4 %
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 34,679 CONTRACTS (OR 107.86TONNES).
THEN WE WERE NOTIFIED OF ANOTHER MONSTER 1498 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 149,800 OZ OR 4.6595 TONNES OF GOLD. IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS AND THEN WE HAVE 6 ISSUED IN JANUARY: 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, jAN 27: 3.160 AND FINALLY TODAY’S 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELVERIES.
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 39+ TONNES OF SHORTAGE.
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS.. THE JANUARY ISSUANCE WILL BE ADDED TO OUR DAILY TOTALS!! (17.656 TONNES)
DETAILS ON OUR NEW JANUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A MEGA HUMONGOUS SIZED LOSS ON OUR TWO EXCHANGES OF 34,679 CONTRACTS DESPITE OUR SMALL GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH JANUARY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A STRONG SIZED T.A.S ISSUANCE CONTRACTS.THE CME NOTIFIES US THAT THEY HAVE ISSUED 3243 T.A.S CONTRACTS AND WILL BE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE DURING LAST WEEK AND CONTINUING ON THIS WEEK. IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FRBNY ITS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER AND JANUARY AND THE 6 ISSUANCES OF EXCHANGE FOR RISK!!
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 9 MONTHS:
FOR APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
4. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
5. FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
6. FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 1.244 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
7. OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNES WHICH FOLLOWED OCT 17 RECORD SETTING: 12.031 TONNE QUEUE JUMP WHICH FOLLOWED THURSDAY’S QUEUE JUMP OF 8.326 TONNES WHICH FOLLOWED WEDNESDAY;S 6.469 WHICH FOLLOWED ALL PREVIOUS QUEUE JUMPS OF 42.549 TONNES TO WHICH WE ADD OUR TOTAL 4679 EXCHANGE FOR RISK CONTRACTS ON 6 OCCASIONS FOR 467,900 OZ OR 14.553 TONNES.! TOTAL STANDING ADVANCES TO 197.511 TONNES OF GOLD
SUMMARY FOR OCTOBER STANDING:
THAT IS;
a) INITIAL STANDING 90.164 TONNES
b) INITIAL EXCHANGE FOR RISK ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES
c) ANOTHER 3 CONSECUTIVE EXCHANGE FOR RISK ISSUANCES OF 2150 CONTRACTS FOR 215000 OZ OR 6.687 TONNES
D) AFTER A ONE DAY HIATUS, A 5TH ISSUANCE FOR 1000 CONTRACTS //100,000 OZ OR 3.1104 TONNES
E) AFTER A TWO WEEK HIATUS: ITS 6TH ISSUANCE FOR 1029 CONTRACTS/102,900 OZ OR 3.200 TONNES
TOTAL EXCHANGE FOR RISK OCT 6 OCCASIONS: 14.553 TONNES
TO WHICH WE ADD ALL OUR QUEUE JUMPING IN OCT: TOTAL MONTH;: 92.7648 TONNES
(ALL OF THESE QUEUE JUMPS ARE REPRESENTED BY CENTRAL BANKS DESPERATELY ADDING TO THEIR OFFICIAL RESERVES)
EQUALS
197.5141 TONNES OF GOLD!!
END
8. NOVEMBER:TOTAL TONNES STANDING INCLUDING ALL QUEUE JUMPS AND EXCHANGE FOR RISK ISSUANCE:
INITIAL GOLD STANDING AT THE COMEX IS 5032 CONTRACTS OR 503,200 OZ (15.651 TONNES) FOLLOWED BY ITS TODAY’S QUEUE JUMP OF 2.323 TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR SECOND EXCHANGE FOR RISK OF 1016 CONTRACTS FOR 101600 OZ OR 3.165 TONNES TO OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3966 TONNES/// NEW EXCHANGE FOR RISK: 4.5595 TONNES//NEW TOTAL GOLD STANDING IN NOVEMBER ADVANCES TO 43.9716 TONNES
9. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.1337 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER NET QUEUE JUMPING OF 37.163 TONNES//STANDING ADVANCES TO 115.257 TONNES TO WHICH WE ADD OUR FOUR ISSUANCES OF EXCHANGE FOR RISK OF 6.559 TONNES/NEW STANDING IS THUS: 121.977 TONNES.
10. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.1057 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.6061 TONNES //NEW TOTAL QUEUE JUMPS 30.7117 //NORMAL DELIVERY OF GOLD ADVANCES TO 36.82 TONNES TO WHICH WE ADD OUR 6 EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.204 TONNES.
THE FED IS THE OTHER MAJOR SHORT OF AROUND 39+ TONNES OF GOLD OWING TO THE B.I.S. THE OCC ORDERED THE BANKS TO COVER THEIR GOLD LOSSES FROM OCC BETS. THIS IS SUCH A SMALL FRACTION OF WHAT IS OWED!!! THE FRBNY BORROWED GOLD FROM THE BIS TO COVER THOSE HUGE LOSSES OF AROUND 39 TONNES OF GOLD.. THE FED IS VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES IF THEY DO NOT BORROW THIS GOLD. SO IT IS POSSIBLE/PROBABLE THAT THE FED IS THE BUYER OF 10.006 TONNES OF EXCHANGE FOR RISK/DECEMBER/EARLY JANUARY!! AND THEN ANOTHER 22.315 TONNES TOTAL IN JANUARY/6 ISSUANCES:
THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST SEVERAL MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP OTHER CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY. IT SURE DOES LOOK LIKE THE BIS HAS NOW GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN OF 39+ TONNES REMAIN ON THE BOOKS OF THE BIS AND THE END OF THE YEAR IS APPROACHING.
THE FRBNY IS STILL NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH
EXCHANGE FOR PHYSICAL ISSUANCE/JAN//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1919 CONTRACTS.
THAT IS A FAIR SIZED 1919 EFP CONTRACT WAS ISSUED: : /FEB 1919 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1919 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON AS THEY ORDERED THE BULLION BANKS TO COVER MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 39+ TONNES
WE HAD :
HUGE LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + AND DID HAVE HUGE GOVERNMENT LIQUIDATION
HUGE MONTH END SPREADERS LIQUIDATION!! AS IT COMMENCED OPERATIONS TODAY!!
T.A.S.SPREADER ISSUANCE//JANUARY
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT/WEDNESDAY MORNING WAS A FAIR SIZED 1867 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP TUESDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING HUGE SIZED LOSS OF COMEX OI AND A FAIR EXCHANGE FOR PHYSICAL ISSUANCE..
.
THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 6 MONTHS WITH THE FOLLOWING;
WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
TO BE FOLLOWED BY OCTOBER’S 6 ISSUANCES FOR 14.553 TONNES
TO BE FOLLOWED BY NOVEMBER’S TWO ISSUANCES FOR 4.5575 TONNES
AND NOW FOLLOWED BY DECEMBER’S 3 ISSANCES FOR 12.997 TONNES
THE LONDON BANKING AUDITORS DID REFUSE TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/HOWEVER THEY DID GIVE THEIR OK NOV 30.
FRBNY BORROWS ANOTHER 24 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.C ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 54+ TONNES OF GOLD.
MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI//RECORD 33,000 CONTRACTS REMOVED FRIDAY NOV 21//
MASSIVE T.A.S. CONTRACTS ISSUED FOR 5 CONSECUTIVE DAYS/SIGNALLING A MASSIVE RAID TO BE!
MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OTHER DAY LAST WEEK
GOLD STANDING AT THE COMEX FOR GOLD LAST 12 MONTHS OF 2025
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.1057 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.6061 TONNES //NEW TOTAL QUEUE JUMPS OF 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.820 TONNES TO WHICH WE ADD OUR 6 EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.204TONNES.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING JANUARY,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $2.55)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL MONDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR JANUARY IN AN OFF MONTH. THE COMEX IS ONE BIG MESS!!
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. NOW JANUARY:
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.1057 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.6061TONNES //NEW TOTAL QUEUE: 30.7117 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 36.889 TONNES TO WHICH WE ADD OUR 6 EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.204TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $2.55
WE HAD A HUGE 5799 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .(AND I BELIEVE A RECORD REMOVAL PRELIMINARY TO FINAL
NET LOSS ON THE TWO EXCHANGES : 34,679 CONTRACTS OR 3,467,900 OZ OR 107.86 TONNES
Total monthly oz gold served (contracts) so far this month
11,851 notices 1,185100 oz 36.861 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
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DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
customer withdrawals:
they are draining the comex of gold
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ADJUSTMENTs zero
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 36 CONTRACTS FOR A LOSS OF 125 CONTRACTS.
WE HAD 159 NOTICES FILED ON TUESDAY, SO WE GAINED 34 CONTRACTS OR 3400 OZ OF A QUEUE JUMP (0.1057 TONNES)
FEB LOST A HUGE 60,386 CONTRACTS DOWN TO 72,544 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE STILL GOING TO HAVE A WHOPPER OF A DELIVERY MONTH!!! BUT LESS STANDING TO WHAT I EXPECTED. WE HAVE ONLY 2 MORE READING DAYS BEFORE FIRST DAY NOTICE. YESTERDAY CONCLUDES OPTIONS EXPIRY AT THE COMEX AND FRIDAY OTC/LBMA OPTIONS
MARCH GAINED 322 CONTRACTS UP TO 3838
We had 25 contracts filed for today representing 2500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and7 notices issued from their client or customer account. The total of all issuance by all participants equate to 25 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 4 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JAN /2026. contract month, we take the total number of notices filed so far for the month (11,851) to which we add the difference between the open interest for the front month of JAN ( XXX CONTRACTS) minus the number of notices served upon today (25 x 100 oz per contract) equals 1,186,000 OZ OR (36.889Tonnes of gold) to which we add our 6 exchange for risk in January of 22.315 tonnes//new standing advances to 59.204 Tonnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (11,851 x 100 oz +we add the difference for front month of JAN (36 OI} minus the number of notices served upon today (25 x 100 oz) which equals 1,186,000 OR 36.82 TONNES plus our 6 exchange for risk of 22.315 tonnes//new standing advances to 59.204 tonnes
new total of gold standing in JANUARY is 59.204 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY 59.204 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume TUESDAY confirmed 536,168 mega mega mammoth/
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,595,825.601 oz 49.63 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 35,877,300.340 oz
TOTAL REGISTERED GOLD 18,833,072.283 or 585.782 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,044,129.122 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,237,247 oz ((REG GOLD- PLEDGED GOLD)=
535.150 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
THE JANUARY. 2025 SILVER CONTRACTS
JAN 27 2026
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
5 entries
i) out of Brinks: 410,549.530 oz ii) Out of CNT 643,793.133 oz iii) Out of HSBC 300,546.154 oz iv) Out of JPMorgan 1292,933.200 oz v) Out of Manfra 1,92,585.460 oz
total withdrawn 3,760,410.460 oz
the comex is being drained of silver
Deposits to the Dealer Inventory
1 ENTRY
i) Into Brinks dealer: 5071.000 oz
total deposit: dealer 5071.000 oz
Deposits to the Customer Inventory
2 ENTRIES
i) Into Asahi: 294,939.500 oz ii) into Delaware 3809.200 oz
total deposit 298,748.700 oz
No of oz served today (contracts)
79 CONTRACT(S) ( 0.395 million OZ
No of oz to be served (notices)
44 Contracts (0.220 MILLION oz)
Total monthly oz silver served (contracts)
9608 contracts 48.040 MILLION oz
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
DEPOSITS INTO DEALER ACCOUNTS
1 ENTRY
i) Into Brinks dealer: 5071.000 oz
total deposit: dealer 5071.000 oz
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 ENTRIES
i) Into Asahi: 294,939.500 oz
ii) into Delaware 3809.200 oz
total deposit 298,748.700 oz
withdrawals: customer side/eligible
5 entries
i) out of Brinks: 410,549.530 oz ii) Out of CNT 643,793.133 oz iii) Out of HSBC 300,546.154 oz iv) Out of JPMorgan 1292,933.200 oz v) Out of Manfra 1,92,585.460 oz
total withdrawn 3,760,410.460 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments: / / 5 all dealer to customer;
a) Asahi: 111,437.380 oz
b) Brinks 1139,233.528 oz
c) CNT 2994,153.129 oz
d) JPMorgan 247,570.760 oz
e) Manfra: 72,393.620 oz
f) Stonex: 117,511.000 oz
total adjusted out of registered 4.734 million oz
TOTAL REGISTERED SILVER: 107.674MILLION OZ//.TOTAL REG + ELIGIBLE. 411.684 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JANUARY
silver open interest data:
FRONT MONTH OF JANUARY /2026 OI: 123 OPEN INTEREST CONTRACTS FOR A LOSS OF 279 CONTRACTS. WE HAD 348 NOTICES FILED ON TUESDAY SO WE GAINED 69 CONTRACTS OR A STRONG QUEUE JUMP OF 0.345 MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB GAINED 33 CONTRACTS UP TO 2310 CONTRACTS AS FEB BECOMES THE FRONT MONTH, WE ARE GOING TO HAVE A STRONG DELIVERY MONTH FOR FEBRUARY, (PROBABLY AROUND 11 MILLION OZ)
MARCH LOST 5374 CONTRACTS DOWN TO 99,276
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 79 or 0.395 MILLION oz
CONFIRMED volume; ON TUESDAY 292,542 mammoth//
AND NOW JANUARY. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JANUARY. we take the total number of notices filed for the month so far at 9608 X5,000 oz = 48.040 MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (123) AND the number of notices served upon today (79)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (9608)Notices served so far) x 5000 oz + OI for the front month of JAN(123) minus number of notices served upon today (25 )x 5000 oz equals silver standing for the JANUARY.contract month equating to 48.260 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR 20 CONTRACTS OR 0.100 MILLION OZ//NEW TOTAL STANDING FOR DELIVERY: 48.360 MILLION OZ.
NEW STANDING: 48.360 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 48.360 million oz. THE SILVER COMEX IS NOW UNDER MASSIVE SIEGE!! AND THIS IS HAPPENING WITH THE MASSIVE SIEGE ON GOLD AS WELL.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 107,674 million oz of registered silver
JPMorgan as a percentage of total silver: 172.866/411.654.million: 42.09%
THERE IS NOW A RUN ON THE COMEX SILVER
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS
JAN 28/2026/WITH GOLD UP $218.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.85 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1087.38 TONNES
JAN 27/2026/WITH GOLD UP $2.55 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1086.53 TONNES
JAN 26/2026/WITH GOLD UP $106.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 6.89 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1086.53 TONNES
JAN 23/2026/WITH GOLD UP $69.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSUT OF 2.000 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1079.66 TONNES
JAN 22/2026/WITH GOLD UP $75.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT WITHDRAWAL OF 4.000 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1077.66 TONNES
JAN 21/2026/WITH GOLD UP $74.30 TODAY/NO CHANGES IN GOLD AT THE GLD:/// ///INVENTORY RESTS AT 1081.66 TONNES
JAN 20/2026/WITH GOLD UP $142.90 TODAY/BIG CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 6.86 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1081.66 TONNES
JAN 16/2026/WITH GOLD DOWN $27.80 TODAY/BIG CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .57 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1074.807TONNES
JAN 15/2026/WITH GOLD DOWN $9.85 TODAY/NO CHANGES IN GOLD AT THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 14/2026/WITH GOLD UP $34.35 TODAY/NO CHANGES IN GOLD AT THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 13/2026/WITH GOLD DOWN$11.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 3.43 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1074.737TONNES
JAN 12/2026/WITH GOLD UP $104.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 6.25 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1070,80TONNES
JAN 9/2026/WITH GOLD UP $49.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.58 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1064.55 TONNES
JAN 8/2026/WITH GOLD DOWN $0.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 7/2026/WITH GOLD DOWN $38.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 6/2026/WITH GOLD UP $47.00 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
JAN 5/2026/WITH GOLD UP $122.80 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
JAN 2/2026/WITH GOLD DOWN $10.10 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.43 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1070.56 TONNES
DEC 31/WITH GOLD DOWN $42.50 TODAY/SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,99 TONNES
DEC 30/WITH GOLD UP $41.50 TODAY/NO CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,99 TONNES
DEC 29/WITH GOLD DOWN $190.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,13 TONNES
DEC 26/WITH GOLD UP $39.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.61 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1068.27 TONNES
DEC 24/WITH GOLD UP $2.15 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1064.66 TONNES
DEC 23/WITH GOLD UP $52.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT DEPOSIT OF 12.12 TONNES OF GOLD INTO THE GLD/// /// ///INVENTORY RESTS AT 1064.66 TONNES
DEC 22/WITH GOLD UP $80,25 TODAY/NO CHANGES IN GOLD AT THE GLD: // /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 19/WITH GOLD UP $22.20 TODAY/NO CHANGES IN GOLD AT THE GLD: // /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 18/WITH GOLD DOWN $9.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .85 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 17/WITH GOLD UP $39.45 TODAY/NO CHANGES IN GOLD AT THE GLD:// /// ///INVENTORY RESTS AT 1051.69 TONNES
DEC 16/WITH GOLD DOWN $3.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.43 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1051.69 TONNES
DEC 15/WITH GOLD UP $10.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 105.12 TONNES
DEC 12/WITH GOLD UP $14.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.01 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1050.83 TONNES
DEC 11/WITH GOLD UP $85.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.82 TONNES
DEC 10/WITH GOLD UP $85.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.82 TONNES
DEC 9/WITH GOLD UP $18.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.14 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1049.11 TONNES
DEC 8/WITH GOLD DOWN $23.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 0.33 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1050.25 TONNES
DEC 5/WITH GOLD UP $9.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT DEPOSIT OF 4.00 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1050.58 TONNES
DEC 4/WITH GOLD UP $9.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.58 TONNES
GLD INVENTORY: 1087.38 TONNES, TONIGHTS TOTAL
SILVER
JAN 28 WITH SILVER UP $5.60 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 4.078 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 509.510 MILLION OZ /
JAN 27 WITH SILVER DOWN $7.00 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 4.17 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 513.598 MILLION OZ /
JAN 26 WITH SILVER UP $12.92 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 0.454 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 517.758 MILLION OZ /
JAN 23 WITH SILVER UP $4.91 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 1.998 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 517.758 MILLION OZ /
JAN 22 WITH SILVER UP $3.20 HUGE CHANGES IN SILVER AT THE SLV:A WITHDRAWAL OF 1.812 MILLION OZ FROM THE SLV////. ./ :INVENTORY RESTS AT 519.752 MILLION OZ /
JAN 21 WITH SILVER DOWN $1.44 NO CHANGES IN SILVER AT THE SLV://. ./ :INVENTORY RESTS AT 521.564MILLION OZ /
JAN 20 WITH SILVER DOWN $4.24 HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND CRIMINAL DEPOSIT OF 5.166 MILLION OZ INTO THE SLV///. ./ :INVENTORY RESTS AT 521.564MILLION OZ /
JAN 16 WITH SILVER DOWN $4.24 HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND CRIMINAL WITHDRAWAL OF 5.401 MILLION OZ FROM THE SLV///. ./ :INVENTORY RESTS AT 516.298MILLION OZ //
JAN 15 WITH SILVER UP $1.00 HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.538 MILLION OZ FROM THE SLV///. ./ :INVENTORY RESTS AT 522.199MILLION OZ //
JAN 14 WITH SILVER UP $4.64 NO CHANGES IN SILVER AT THE SLV: /. ./ :INVENTORY RESTS AT 524,737MILLION OZ //
JAN 13 WITH SILVER UP $1.70 HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 0.816MILLION OZ OUT OF THE SLV OZ INTO THE SLV. /. ./ :INVENTORY RESTS AT 524,737MILLION OZ //
JAN 12 WITH SILVER UP $5.50 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.229MILLION OZ INTO THE SLV OZ INTO THE SLV. /. ./ :INVENTORY RESTS AT 525,598MILLION OZ //
JAN 9 WITH SILVER UP $4.15 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 6.119 MILLION OZ INTO THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 524.329MILLION OZ //
JAN 8/WITH SILVER DOWN $2.40/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 518.210MILLION OZ //
JAN 7/WITH SILVER DOWN $2.78/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 525.730 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 5/WITH SILVER UP $5.90 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 2/WITH SILVER UP $0.22 /HUGE CHANGES IN SILVER AT THE SLV: A SMALL WITHDRAWAL OF 0.363 MILLION OZ OUT THE SLV/. ./ :INVENTORY RESTS AT 529.054 MILLION OZ //
DEC 31/WITH SILVER DOWN $6.41 /HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE DEPOSIT OF 4.806 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 529.054 MILLION OZ //
DEC 30/WITH SILVER UP $6.89 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.72 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 524.248 MILLION OZ //
DEC 29/WITH SILVER DOWN $5.88 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.814 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 526,968 MILLION OZ //
DEC 26/WITH SILVER UP $4.88 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.813 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 528.782 MILLION OZ //
DEC 24/WITH SILVER UP $0.95 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 3.083 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 530.595MILLION OZ //
DEC 23/WITH SILVER UP $2.40 /HUGE CHANGES IN SILVER AT THE SLV: A FRAUDULENT DEPOSIT OF 17.13 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 533.678 MILLION OZ //
DEC 22/WITH SILVER UP $1.28 /HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.541 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 516.541 MILLION OZ //
DEC 19/WITH SILVER UP $2.06 /NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 18/WITH SILVER DOWN $1.13/NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 17/WITH SILVER UP $2.93/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.36 MILLION OZ FROM THE SLV. ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 16/WITH SILVER DOWN $.07/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.36 MILLION OZ FROM THE SLV. ./ :INVENTORY RESTS AT 56.360 MILLION OZ //
DEC 15/WITH SILVER UP $1.62/SMALL CHANGES IN SILVER AT THE SLV: A SMALL DEPOSIT OF 635,000 INTO THE SLV. ./ :INVENTORY RESTS AT 517.720 MILLION OZ //
DEC 12/WITH SILVER DOWN $2.30/NO CHANGES IN SILVER AT THE SLV: ./ :INVENTORY RESTS AT 517.085 MILLION OZ //
DEC 11/WITH SILVER UP $3.52/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 3.537 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 517.085 MILLION OZ //
DEC 9/WITH SILVER UP $2.41/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.179 MILLION OZ OUT THE SLV./ :INVENTORY RESTS AT 510.828 MILLION OZ //
DEC 8/WITH SILVER DOWN $0.48/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 5.497 MILLION OZ OUT THE SLV./ :INVENTORY RESTS AT 512.007 MILLION OZ //
DEC 5/WITH SILVER UP 0.39/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 3.083 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 517.448 MILLION OZ //
DEC 4/WITH SILVER DOWN $1.12/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 4383 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 514.365 MILLION OZ //
An obituary for the dollar may be premature, but China is clearly planning for a post-dollar world. The coffin is being made ready and embalming fluids are in stock.
With respect to the dollar’s demise, China’s leadership has followed a longstanding policy of not interfering with the dollar, beyond reducing its role in China’s international trade where practicable. So far, the dollar’s problems are laid entirely at America’s door. This is classic Sun Tzu: Don’t interfere when the enemy is making mistakes.
That was before US trade policy took aim at China. Following 2 April last year when President Trump announced a slew of new tariffs, President Xi did a whistlestop tour of the Southeast Asian nations to cement an alternative free trade area and agreed to accelerate free trade between South Korea and Japan. That was a reasonable response to US tariffs. More interesting was that the Shanghai Gold Exchange (SGE) subsequently opened vaults in Hong Kong and Saudi Arabia.
Why? It appears that China was taking the view that the dollar was finally doomed and that the yuan had to be saved from going down with the dollar’s ship. In other words, China is no longer prepared to just stand aside and let the US continue to make all the mistakes. She had to actively prepare for a post-dollar world.
A new spin on Bretton Woods
It would also be a post-fiat currency world, where trust and faith have been the important determinants of value. Trust and faith in the dollar as a medium of exchange would disappear, taking the entire fiat currency system, including the yuan down with it. Clearly, China reckons that the only way to protect the yuan’s value is to tie it to gold, perhaps in a new version of the defunct Bretton Woods system but centred on the yuan.
The details are yet to be fully revealed and will depend on events. Meanwhile, through the SGE’s new vaults in Hong Kong and Saudi Arabia, an exchange facility for yuan for gold and vice-versa is established for the two main Asian wealth regions. And only in the last few days Hong Kong’s regional government and the Shanghai Gold Exchange have agreed to launch a cross-border precious metals trading and clearing system with an initial reserve capacity of 2,000 tonnes.
The intention is clear. China will be the pricing centre for gold following the demise of London and New York and their fiat currencies. It was likely that Xi briefed China’s diaspora nations last April in his whistlestop tour that this vaulting facility would be available for trade settlements bypassing a collapsing dollar and allied Western currencies, and that the joint HK/SGE agreement will position Hong Kong as their regional gold reserve hub.
Since last April, China’s reliance on export trade to the US as a percentage of her total has diminished significantly, freeing Xi’s hands somewhat. Then last October, America threatened additional tariffs of 100% following China’s announcement of expanded export controls on rare earths. The US subsequently backed off from these threats, but China continues to maintain strict controls on rare earth exports, where she has a virtual global monopoly.
The Art of the Deal had gone badly wrong for the US. And instead of backing down, China now has a policy of retaining rare earths for her own use and imposing tighter control over other critical mineral exports, principally silver, antimony, and tungsten. I shall return to the silver story below.
Monroe doctrine backfires
Having continually made geopolitical strategic mistakes, America’s deep state has retrenched into the old Monroe Doctrine of being the hegemon for the Americas rather than the entire globe, accepting the reality of a multipolar world. If they had done this a decade ago, it might have been sensible. But the consequence of Monroe today is twofold. Firstly, the fear factor which has been instrumental in keeping the rest of the world under the US cosh has diminished, allowing Asian and African nations greater freedom to align themselves with the Chinese-Russian trading partnership making the US dollar redundant as a trade settlement medium.
Secondly, the US kidnapping of Venezuela’s Maduro and the brazen theft of oil destined for China together with Trump’s threat to take Greenland has led to the counter-threat of US government debt liquidation. In other words, as a consequence of riding roughshod over the established rules-based system of international relations, America’s foreign creditors are no longer buyers of US debt and at the margin will be sellers.
This is yet to be reflected in long bond yields, which have been on pause for the last few years after the post-covid shock. But a reluctance by foreign investors to invest surplus dollars, coupled with a tendency to reduce their overall dollar reserves, is set to drive term rates significantly higher.
Higher bond yields will collapse the value of all US dollar-denominated financial assets, producing cascades of foreign and domestic sellers on an overwhelming scale. The table below estimates onshore and offshore foreign dollar exposure:
According to the BIS analysis, offshore exposure at $98.87 trillion is over double that of the onshore exposure of dollars and underlying financial assets recorded by the US Treasury’s TIC system. The total of $144 trillion is approximately 4.5 times US GDP. It is this mountain of fiat currency which stands to be sold down, rather than added to. Remember, dollars are themselves a US government debt obligation, additional to underlying debt obligations.
Conclusion: The dollar credit bubble is becoming unstable, and is in great danger of bursting, taking bond and equity values down sharply when it happens. China is prepared for it and has credible plans to continue trading without dollars.
Is silver part of China’s monetary policy?
While nearly all central banks other than the Western majors are accumulating gold, they have not shown interest in silver. This probably reflects silver’s subsidiary role to gold under Western monetary standards, being historically restricted to low value coinage. China is different.
Until 1935 China had a silver, not a gold standard. In common with the Middle East, where Maria Theresa silver dollars were a common form of payment until the 1970s, the population of China has had a more practical affinity with silver as money than gold. Accordingly, in 1983 the CCP appointed the Peoples Bank (PBOC) with total responsibility for acquiring and dealing in gold and silver.
We have good information on how the PBOC has acquired substantial gold in addition to declared reserves. And from 2002 when it established the Shanghai Gold Exchange and authorised citizens who had previously been banned from gold ownership, they were then encouraged to buy gold. Clearly, the PBOC had stashed away enough gold to satisfy the PCC and it was time to arm the citizens with real money. What is less obvious perhaps is that China also became the second largest silver miner, the largest importer of doré for refining, and as an importer of base metal ores containing silver the largest processer and refiner of silver in the world by far.
The PBOC’s silver role has been in price management, suppressing silver prices through Western derivatives, and enhancing the state’s accumulation of strategic stocks at low cost. When this policy commenced following the PBOC’s 1983 appointment, the plan would have almost certainly been to acquire silver for its monetary qualities because photovoltaic and electric vehicle demand didn’t start until much later.
Nevertheless, the history of China’s silver standard means that its monetary role is embedded in Chinese psyche to a greater extent than in those of European and American populations. We see this in persistent premiums on the SGE and SGFE (the futures exchange) over London and Comex. Indian demand has led to similar premiums in Mumbai.
While it is now clear that China will offer gold backing for trade settlements in yuan, it is not clear that the facility will be offered to domestic Chinese individuals and businesses. Could it be that they will be offered a silver standard at a fixed ratio to gold instead?
Criticism of dual standards would refute the idea. However, because China has acquired substantial if undeclared silver and gold reserves, the PBOC could easily manage a dual standard, particularly given exchange controls that would ringfence the two standards from each other.
For now, the sudden and strong move upwards of silver prices is being cast as solely due to a liquidity crisis in London and New York. The fact of the matter is that prices are being led higher by Asian demand, not a derivative market crisis. But there are two other big-picture factors which are not being appreciated. Base metals prices measured in gold have been badly suppressed by the expansion of fiat currencies and can be expected to return to a long-term norm. Therefore, even in gold a basket of base metals could rise five times. The position is illustrated in copper below, which is at only 15% of its long-term average value:
There is a tremendous inflation shock building up for commodities being valued in declining dollars, which will be manifest in a collapse of its purchasing power. Even regarded only as an industrial metal, silver is simply front running a massive inflation shock in 2026.
This brings us to the second consideration. It is increasingly obvious that the dollar-led fiat currency system which has been in place for over 54 years is coming to an end. That means fiat currencies will lose all their value as mediums of exchange. Theoretically, prices for gold, silver, and the entire commodity complex are on their way to infinity. what we are seeing is only the start of a massive pricing crisis.
3.CHRIS POWELL AND HIS GATA DISPATCHES
nd
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 256
PETER KRAUTH
LIVE FROM THE VAULT YOU TUBE: 256
Episode 256
Posted 23rd January 2026
Could Silver Climb Even Higher? Feat. Peter Krauth
In this week’s Live from the Vault, Andrew Maguire welcomes back Peter Krauth to explain why silver surges past key caps, climbing relentlessly since February 2024 as long-term supply-demand fundamentals suggest a possible upward trend.
5. COMMODITY REPORT//:silver
Silver – New trading rules
Inbox
Robert Lambourne
2:57 PM (2 minutes ago)
to me, Chris
I got this from Chinese AI just now.
New trading controls announced today
• CME Group (effective 28 Jan, after the close): ◦ Initial margin hiked another 15 % → $18 975 per full-size contract (second increase in a week). ◦ Spec position limit cut to 3 000 lots (from 5 000) in the front two months; hedgers must file daily inventory affidavits above 1 500 lots.
• SHFE (after intra-day limit-up breach): ◦ Daily price band widened to ±18 % but exchange signalled it will halt new long opening orders if limit-up is hit before 14:30 Shanghai time.
END
EARLY TUESDAY MORNING
Silver – New trading rules
Inbox
Robert Lambourne
Mon, Jan 26, 2:57 PM (11 hours ago)
I got this from Chinese AI just now. New trading controls announced today • CME Group (effective 28 Jan, after the close): ◦ Initial margin hiked another 15 % →
Chris Powell
Mon, Jan 26, 7:18 PM (7 hours ago)
Thanks, Bob. Sounds like they see the risk of things getting out of control. cp
Robert Lambourne
2:41 AM (13 minutes ago)
to Chris, me
Chris,
In the same note, it was reported that solar panel production in China had been stopped for two weeks in at least one manufacturing facility because of no silver. If correct, and normally it’s accurate, that reinforces the likelihood of limited silver exports from China.
Hence I think you’re right that officials in China and in the West must be really concerned.
Bob
END
LONGI Ditches Silver for Base Metals as Solar Industry Faces Price Crunch
Inbox
Robert Lambourne
7:30 AM (3 hours ago)
to me, Chris
Chris and Harvey,
This article provides an explanation of the silver price increase impact on the economics of solar panel production. It also covers some of the process changes being made to reduce silver consumption including copper being used as a substitute.
One major producer in China, LONGI, is seeking to replace silver with a mainly copper based alloy of base metals in Q2 of 2026.
The note quotes the cost impact at a silver price of $84 per Troy ounce which it claims has risen to 17% of the per watt cost of the solar panel from 3% in 2023. It’s reported that in Q4 of 2025 alone the silver cost increased to 17% from 12%.
Current silver prices of over $100 will have reinforced this push to reduce silver usage.
The article explains that such substitution of silver might not be repeatable in alternative technologies such as TOPCon used by many of LONGI’s competitors. But the need to contain product costs is clear given the scale of silver’s recent price increases.
5B. COMMODITY REPORT//GOLD OR /SILVER LEASE RATES:/GOLD
GOLD LEASE RATES CLIMB TO AROUND 3.0 TO 4.0%
Robert Lambourne
7:56 AM (4 minutes ago)
to me
Harvey,
Interesting comment for you on gold from Chinese AI. Gold lease rates are ticking up in all markets, c3%/4% and inventories draining. Reportedly demand in Asia is strong, including Japan as confidence in bonds there is probably fraying. Possibly gold is slightly under the radar here because of silver.
I’ve no idea how Trump will handle his latest tariff threats re Greenland, but the situation seems quite unstable. Gold might well move strongly here.
No December 2025 BIS gold swap data yet. I’ve emailed Chris to suggest it might only appear right at the month end. This is no great surprise, but we can guess plausibly that the BIS will be under some pressure to end the gold swaps. Whatever you think about Jerome Powell, his influence is already reduced and this will also apply to any successor when they attend the BIS meetings.
Regards,
Bob
end
ROBERT LAMBOURNE//TODAY
Summary of new restrictions on precious metals futures trading announced this week
Inbox
Robert Lambourne
10:35 AM (1 hour ago)
to me, Chris
Harvey and Chris,
I got this today from DeepSeek initially and then checked by Kimi – both Chinese AI. I was a bit surprised that CME had not changed their gold margin, but had changed both silver and platinum.
The language used to describe the CME silver and platinum increase is Orwellian and consequently really amusing – a routine volatility review. Even the AI picked it up.
Bob
AI sourced:
Below is a same-day (28 Jan 2026) summary of new margin hikes, position limits or other trading restrictions that have actually been announced this week for the key precious-metals futures on the world’s principal exchanges.
1. COMEX / CME Group (New York) Metal Change (announced 28 Jan 26, effective after the close) Old level New level Silver Initial / maintenance margin 9 % of notional 11 % (non-high-risk) <br> 12.1 % (high-risk accounts) Gold No change this week 9 % 9 % Platinum Initial / maintenance margin 9 % 11 % / 12.1 % (risk-tiered)
• The move is described as a “routine volatility review”; the switch from a fixed-dollar to a percentage-of-notional schedule was already implemented on 13 Jan 26, so this week’s action is simply a ratio increase inside that new framework . —-
2. Shanghai Futures Exchange (SHFE) Effective Monday 27 Jan 26 (announced 26 Jan 26) Metal Measure Old New Gold, Silver, Platinum Intra-day position limit (non-hedge) 3 000 lots 1 000 lots Gold, Silver, Platinum Daily price-limit band ±10 % ±18 % Silver Same-day round-turn fee 0.05 % 0.075 %
• SHFE also suspended several dozen client accounts for failing to disclose common beneficial control; the curb affects all precious-metals contracts . —-
3. Osaka Exchange (OSE) – Platinum only Announcement date: 8 Jan 26 – but still inside the current week • “Pocket Platinum 100” cash-settled micro-contract (100 g) will be listed on 13 Apr 26; no margin change yet, but the contract size is 1/5 of the existing 500 g futures, implying lower entry margin in dollar terms and a new position-limit basket (details pending) . —-
4. Guangzhou Futures Exchange (GFEX) – China Announced 25 Dec 25, but first implemented this week • Platinum & Palladium: daily opening position limit set at 300 lots for non-broker clients (was unlimited) . —-
Key takeaways
• Silver is bearing the brunt of the tightening (CME +200 bp margin, SHFE halved position size).
• Gold has been left untouched by CME this week, but SHFE widened its price-limit band and cut intra-day size for all precious metals.
• Platinum saw the same CME ratio hike as silver and faces new micro-structure in both Japan (smaller contract) and China (hard position cap).
No other major exchange (LME, NYSE-Liffe, B3, MCX) has released fresh margin or position-rule changes for precious metals so far this week.
2.ASIAN AFFAIRS JAN 28/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 11.33 PTS OR 0.27%
//Hang Seng CLOSED UP 699.96 PTS OR 2.58%
// Nikkei CLOSED UP 289.46 PTS OR 0.56%
//Australia’s all ordinaries CLOSED DOWN 0.36%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.9468
/ OFFSHORE CLOSED UP AT 6.9423 Oil UP TO 62.45 dollars per barrel for WTI and BRENT UP TO 67.35 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 6.9468 OFFSHORE YUAN TRADING UP TO 6.9423 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.9443
OFFSHORE YUAN: DOWN TO 6.9423
HANG SENG CLOSED UP 599.96 PTS OR 2.58%
2. Nikkei closed UP 288.46 PTS OR 0.54%
WEST TEXAS INTERMEDIATE OIL UP 62.45
BRENT; 67.35
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 95.93 /// EURO RISES TO 1.1986 UP 36 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.232/ DOWN 5 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 152.33… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.630 DOWN 3 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.8581 Italian 10 Yr bond yield DOWN to 3.460 SPAIN 10 YR BOND YIELD DOWN TO 3.214
3i Greek 10 year bond yield DOWN TO 3.366
3j Gold at $5274.70 Silver at: 112.50 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 13/100 roubles/dollar; ROUBLE AT 76.66
3m oil (WTI) into the 62 dollar handle for WTI and 67 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 152.63 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.232% DOWN 5 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.632 DOWN 3 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7673 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9196 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.246 UP 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.868 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.577 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.41 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.5290 UP 0 PTS
30 YR UK BOND YIELD: 5.277 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.433 UP 4 BASIS PTS
5 YR CANADA BOND YIELD: 2.938 UP 4 BASIS PTS.
1a New York Opening report
US Stocks Set To Open At Record High On Blowout Tech Earnings Ahead Of Fed, Mag 7
Wednesday, Jan 28, 2026 – 08:44 AM
US equity futures are rallying into record territory, led by Tech as overnight earnings (ASML, SK Hynix, STX, TXN) boost the group and help fuel the AI trade, perhaps pausing the broadening theme. As of 8:00am ET S&P futures are up 0.2% pointing to a sixth-straight advance that would mark the longest winning run in almost seven months and will push the S&P 500 cash index above the 7,000 mark for the first time when US markets open; Nasdaq futures surge 0.8, putting the index within touching distance of its October record, with Mag 7s and Semis bid in premarket trading, led by AMD (+2.3%), AVGO (+1.4%), and NVDA (+1.6%). Cyclicals are leading Defensives as Fins/Indu/Mats outperform and Staples lag. Bond yields are flat while the dollar advanced 0.2%, snapping a four-day slide that left the currency at its lowest level in nearly four years. Commodities are mixed: gold +1.7% and silver +0.4% to new record highs, as the Energy complex is under pressure (natgas -8%) with Ags maintaining a bid. Today’s macro focus is on the Fed unchanged announcement (full preview here) with the market looking to see if the Fed identifies growth or inflation as the biggest risk but with no moves expected and three Mag7 earnings releases (full preview here).
In premarket trading, semiconductor, memory and storage stocks rally after positive results from ASML, Seagate and Texas Instruments. ASML ADRs are up 5% after the company reported orders well beyond investor expectations, showing a surge in AI computing workloads has flowed through to higher demand for its chipmaking tools. Seagate (STX) is up 8% after the computer hardware and storage company’s second-quarter results beat expectations and it gave a positive outlook. Analysts note that results were boosted by strong gross and operating margins. Texas Instruments (TXN) gains 7% after the chipmaker gave an outlook that is seen as positive, signaling improved demand. Analysts highlight strength in the industrial and data center end markets. Magnificent Seven stocks are mostly higher (Nvidia +1.9%, Alphabet +0.4%, Amazon +0.3%, Meta -0.2%, Tesla +0.2%, Microsoft +0.2%, Apple -0.1%
AT&T Inc. (T) rises 3% after reporting fourth-quarter profit and revenue that beat analysts’ estimates, buoyed by what it described as the best broadband subscriber growth in a decade.
Brinker (EAT) rises 5% after the parent of Chili’s and Maggiano’s restaurants reported second-quarter results that topped Street expectations. The beat was led by its Chili’s chain and the company also boosted its annual forecasts.
C3.ai (AI) gains 15% after The Information reported that the AI company is in talks to merge with Automation Anywhere.
Corning (GLW) falls 3% after the communications equipment company reported its fourth-quarter results and gave an outlook.
Elevance Health (ELV) drops 6% after the health insurer gave an adjusted profit forecast for 2026 that fell short of Wall Street’s expectations.
F5 Inc. (FFIV) jumps 8% after the cybersecurity company boosted its revenue forecast for the fiscal year.
New Oriental Education ADRs (EDU) rises 6% after the Chinese education company’s second-quarter results beat Street estimates, and management boosted its annual net revenue forecast.
Qorvo (QRVO) falls 10% after the semiconductor device company gave an outlook that was much weaker than expected.
StandardAero (SARO) falls 5% as leading holders Carlyle and GIC offer 50 million shares in the aviation maintenance company.
In company news, Amazon is cutting about 16,000 roles across the company as part of ongoing organizational restructuring efforts, according to a statement.
Tech stocks are rallying around the world after blockbuster earnings from ASML and SK Hynix added fresh fuel to the artificial-intelligence trade while Microsoft, Meta and Tesla are due to report later (our preview here). Nasdaq 100 futures climbed 0.8%, putting the index within touching distance of its October record.
ASML rose more than 5% in Amsterdam on fourth-quarter bookings that far exceeded estimates. Asian equities got a boost as SoftBank Group Corp. flagged talks to invest $30 billion in OpenAI. Relentless demand for AI memory fueled a large earnings beat for SK Hynix. LVMH’s sluggish sales weighed on luxury names in Europe.
“The tech sector is likely to lift markets further, so the rally isn’t over yet,” said Claudia Panseri, chief investment officer for France at UBS Wealth Management. “The Fed this evening will be an important clarification for investors, who are at the moment expecting two cuts this year.”
Today’s tech gains might put a pause on the rotation away from the sector. Amid the S&P’s advance to a record, a version of the index stripped of market-cap bias has outperformed, with materials, health care and consumer sectors supplanting tech at the forefront.
The upbeat mood in equity markets comes ahead of the Federal Reserve’s latest policy decision, with investors expecting interest rates to remain on hold. With announcement of a nominee to succeed Fed Chair Jerome Powell in May pending and Governor Christopher Waller among the contenders, a focal point of the rate decision will be whether he dissents in favor of a rate cut US President is seeking; dissents by Governors Stephen Miran and Michelle Bowman are also expected (full preview here).
With BlackRock executive Rick Rieder seen as the front-runner to become the next Fed chair, bond futures traders are increasing bets that he would favor a more accommodative US monetary policy. Rieder, the firm’s chief investment officer for global fixed income, argued in September for a larger half-point rate cut, rather than the quarter-point moves preferred by the Fed.
“The appointment of Rieder should be a market positive given his background,” wrote Mohit Kumar, chief strategist for Europe at Jefferies. “He is likely to be modestly more dovish than some of the other choices, though it is unlikely that he would rubber stamp Trump’s views.”
The dollar is rebounding against all major currencies following Tuesday’s sharp selloff, which extended as President Trump indicated he’s comfortable with the greenback’s recent decline.Donald Trump’s relaxed stance on the dollar is adding to speculation that the US currency may be entering a more prolonged period of weakness. Speaking to reporters in Iowa on Tuesday, Trump said the dollar’s slide was beneficial for US businesses, moving currency markets by appearing to endorse the greenback’s sharp decline.
“I don’t think it’s going to be that same kind of blanket dollar weakness that we saw last year, but I think there are certainly some pairs where that move does look quite appealing,” Lauren van Biljon, senior portfolio manager at Allspring Global Investments, told Bloomberg TV.
Also due Wednesday are earnings from three of the Magnificent Seven heavyweights, Microsoft Corp., Tesla Inc. and Meta Platforms report after the close (our preview can be found here). Other companies reporting include Starbucks, Danaher, General Dynamics, GE Vernova and AT&T all out before the market open. IBM completes the notable companies to report after the close.
“So far, we’ve been pleasantly surprised by the earnings season in tech, with TSMC and ASML today,” said Karen Kharmandarian, chief investment officer of thematic equities at Mirova in Paris. “We’re still expecting capex to continue to grow substantially among the hyperscalers such as Google, Meta or Amazon, given the momentum in the AI space.”
In Europe, the Stoxx 600 is down by 0.5% as blowout results from Dutch semiconductor equipment maker ASML are more than offset by declines for health care companies and for the luxury goods sector, the latter on disappointing numbers from LVMH. Here are the biggest movers Wednesday:
ASML rises as much as 7.5% to a record high in Amsterdam after reporting orders well beyond investor expectations, showing a surge in AI computing workloads has flowed through to higher demand for its chipmaking tools
Nordnet gains as much as 6.1%, the most since April, after the Swedish retail trading platform and bank reported its latest earnings, which analysts described as a strong finish to 2025. Net commission income was a key driver of revenue
Volvo shares rise as much as 3.2% after the Swedish firm said truck demand was improving in some markets and reported what analysts called a strong margin beat
PSP Swiss Property shares gain as much as 3%, hitting their highest level in almost six years, after being upgraded by analysts at UBS, who argue the underperformance versus peers leaves it positioned as a “quality laggard”
Paypoint shares gain as much as 14% after the payments company reported third-quarter results, with analysts at Panmure Liberum noting it remains on track to meet annual expectations despite a challenging environment
Boohoo shares climb as much as 12% to a six-week high. The online fashion retailer said it expects FY26 adjusted EBITDA to be above previous guidance, citing improved momentum in its youth brands, including PLT, which it also decided not to sell
Howden Joinery climbs as much as 2.3% after Deutsche Bank reiterated its buy rating on the kitchen seller, pointing to both near-term resilience and a substantial long-term growth trajectory
LVMH shares fall 8.2%, the most since April, after the luxury group reported a wider-than-expected drop in fashion and leather goods organic sales for the fourth quarter. Analysts noted management’s limited forward guidance and comments on the uncertain short-term outlook
Tele2 falls as much as 6.7%, the most since October, after the Swedish telecommunications firm reported its latest earnings. Analysts say the print shows strength, but EBITDAaL is on the weaker side and is likely to trigger some cuts to 2026 consensus estimates
JSW shares fall as much as 5.9% in early trading in Warsaw after labor unions hardened their negotiating position, causing the suspension of talks over a rescue plan for the troubled coking coal producer
Marston’s shares drop as much as 16%, the most since September 2020, to wipe out most of this month’s sharp gain after the pub operator reported muted sales
Earlier in the session, Asian equities are set for another record high, supported by a continued rally in technology shares. The MSCI Asia Pacific Index gained as much as 1.2%, with TSMC, SK Hynix and Tencent the biggest boosts to the gauge. Hong Kong led gains in the region amid inflows spurred by dollar weakness. Shares also rose in South Korea, helping the country’s market cap to overtake that of Germany. Meanwhile, Indonesian stocks tumbled after MSCI raised concerns about their investability and warned of a potential downgrade to frontier-market status.
“The shortage in supply in memory chips will continue to be a key catalyst for Asian memory makers,” said Ken Wong, an Asian equity portfolio specialist at Eastspring Investments Hong Kong. “We probably won’t see equilibrium on supply versus demand till early next year.”
In FX, the greenback is rebounding after hitting 2022 lows. The Bloomberg Dollar Spot Index up by 0.3%, though mixed against G-10 peers.
In rates, treasuries were little changed ahead of the Fed rate decision with marginal long-end underperformance extending Tuesday’s late steepening move as the US dollar weakened further. US session features Federal Reserve rate decision, with swaps market priced for no change in the 3.5%-3.75% target range for federal funds. US front-end to belly yields are slightly richer on the day with longer maturities little changed, steepening 5s30s curve by about 1bp to 104bp, highest this week; 10-year, little changed near 4.24%, slightly lags bunds and gilts in the sector. Short-end bonds in Europe rallying as traders add to ECB rate cut bets.
In commodities, the blistering rally in precious metals continued as gold briefly topped $5,300 an ounce. Silver rose as much as 3.6% before pairing the advance. Oil prices are choppy, Brent now falling and hovering a little above $67/barrel.
Today’s US economic calendar is blank; FOMC announcement is at 2pm New York time, followed by Chair Powell’s press conference at 2:30pm. Mag 7 earnings begin today with Microsoft, Meta and Tesla reporting after the close.
Market Snapshot
S&P 500 mini +0.3%
Nasdaq 100 mini +0.8%
Russell 2000 mini +0.5%
Stoxx Europe 600 -0.4%
DAX -0.2%
CAC 40 -1%
10-year Treasury yield little changed at 4.25%
VIX -0.1 points at 16.25
Bloomberg Dollar Index +0.3% at 1178.01
euro -0.6% at $1.1973
WTI crude -0.2% at $62.24/barrel
Top Overnight News
President Trump has said for months that he’s made up his mind about who should lead the Federal Reserve. But with each passing week without an announcement, some people close to the process aren’t sure any of his four finalists fully meet his requirements, a new chair who will pursue his demands for lower interest rates while still commanding enough credibility on Wall Street and from his colleagues to deliver them. WSJ
Bond traders are betting on a dovish Fed shift as BlackRock’s Rick Rieder gains momentum to succeed Powell. His advocacy for more aggressive cuts have sparked increased trading activity in futures and options markets. BBG
China has given the green light to three of its largest tech companies (ByteDance, Alibaba, Tencent) to buy Nvidia’s H200 artificial intelligence chips, four people familiar with the matter told Reuters, marking a shift in position as Beijing seeks to balance its AI needs against spurring domestic development. RTRS
Some Bank of Japan board members expressed rising concern over the extent to which the yen’s depreciation is affecting price trends when they discussed policy in December before deciding at that meeting to raise the benchmark interest rate to the highest since 1995. BBG
President Donald Trump said on Tuesday the United States and South Korea would work out a solution, in response to a query about his surprise threat a day earlier to step up tariffs to 25% on imports from the Asian ally. RTRS
Saudi Arabia on Tuesday ruled out the use of its airspace and territory for a potential U.S. attack on Iran, complicating the Trump administration’s options in response to Tehran’s violent crackdown against Iranian protesters. WSJ
Australia’s consumer price growth remained elevated in the final quarter of 2025, strongly signaling that the central bank will raise interest rates next week, or run the risk that inflation will get too hot. WSJ
ECB’s Kocher says the central bank may need to cut rates if the strong euro started impacting inflation forecasts. FT
Nasdaq futures got a boost as ASML’s orders smashed estimates on investments in AI infrastructure (ASML +6% premkt after reporting very strong 4Q25 orders for third quarter in a row with guide for 2026 above cons). The dollar steadied even after Donald Trump’s comments embracing a weaker greenback. Gold hit a new record. BBG
Amazon is cutting about 16,000 roles to simplify its structure amid rising competition over AI. ASML also announced reductions amounting to about 4% of its staff. BBG
Trade/Tariffs
China has resumed the purchase of Canadian canola, Bloomberg reported citing sources; crushers in China have booked cargoes for loading in the next few months.
South Korea’s Presidential Adviser said they cannot rule out the possibility of the US mentioning a tariff hike again because of future disagreement over investment.
EU and Vietnam in a joint statement are set to agree on a deeper connection on critical minerals and semiconductors.
US President Trump said we will find a solution together with South Korea when asked about his announcement of raising tariffs against Korea.
US President Trump said we’re making a lot of good deals, Fox News interview.
USTR’s Greer said Chinese EVs won’t enter the US from Canada without heavy levies, Fox Business reported; criticizes South Korean digital services legislation. The US is still imposing a 50% tariff rate on Indian goods. India has made a lot of progress weaning off Russian oil.
Central Banks
US President Trump affirms that he will announce Fed chair pick soon.
Minutes from BoJ’s December 18th-19th meeting noted that members said it is appropriate to keep raising rates if the outlook is met, while a member said waiting another meeting in raising rates would be risky given impacts of FX on inflation. Most members said BoJ should not have a preset idea on rate hike pace and must scrutinise the economy, prices and markets in making decisions at each meeting. A few members said adjusting degree of monetary support will help stabilise markets and have merits to the economy. A member warned that divergence of real rates from equilibrium may impair long-term economic growth.
ECB’s Villeroy said the ECB are closely monitoring the euro and its effect on inflation, adds there is no target for the euro exchange rate.
ECB’s Cipollone said uncertainty may increase, hitting a recovery, and warned that global turbulence could hit the euro area, according to Bloomberg.
ECB’s Kocher said the central bank would need to act if the euro keeps gaining, according to FT.
ANZ now sees the RBA raising rates by 25bps at its meeting next week, while it views this as a single insurance tightening and not the start of a series of hikes.
New Zealand Finance Minister Willis said the RBNZ said we’ll be easing off the accelerator at some point and will be guided by data.
Thailand Central Bank Governor Vitai said the economy may grow 1.5%-1.7% in 2026, adds need to tackle structural issues, and that Thailand is facing US tariffs and structural problems.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed with an early positive bias seen following the mostly constructive handover from Wall Street, although some cautiousness began to seep through ahead of looming key risk events. ASX 200 was subdued with the index dragged lower by weakness in tech and consumer stocks, while the predominantly firmer-than-expected inflation data from Australia supports the case for a hike at next week’s RBA meeting. Nikkei 225 underperformed from the open, following the recent currency strength spurred by intervention speculation and US President Trump’s FX-related rhetoric. Hang Seng and Shanghai Comp were in the green with energy and telecom stocks among the index leaders in Hong Kong, while the mainland was kept afloat after developer China Vanke won creditor approval to extend another two CNY bonds and with a report noting that China approved the first batch of NVIDIA’s H200 AI chips for import involving several hundred thousand H200 AI chips.
Top Asian News
China is reportedly expected to move to more targeted measures across different sectors to reduce excessive competition and result in quality developments, Securities Times reported citing sources.
European bourses (STOXX 600 -0.4%) are generally trading with modest losses, aside from the AEX, which has been boosted by post-earnings strength in heavyweight ASML (+4.8%). The company beat across its headline metrics, provided a rosy outlook, and announced a EUR 12bln share buyback. European sectors hold a negative bias. Tech leads (boosted by ASML), whilst Consumer Products has been pressured by losses in LVMH (-7.1%) after its results disappointed.
Top European News
UK PM Starmer delays decision on Chinese-built wind farm factory after security fears, according to The Times.
Leaders of Dutch political parties reach an agreement on forming minority government.
Maersk (MAERSKB DC) announces a stoppage in operations in the West Mediterranean terminals, adding that there’s no clear sign on when operations are to resume.
FX
DXY is attempting to claw back some of yesterday’s lost ground, after the index dropped from a high of 97.286 to a low of 95.551 amid the ongoing de-dollarisation theme. The data docket is quiet, so focus will be on the FOMC, which is expected to hold rates at 3.50–3.75%. Markets are focused less on the decision itself and more on any hints around how long the Fed remains patient before cutting, with around 45bps of easing priced by year-end.
USD/JPY is consolidating after its recent slide below the 100 DMA (153.65) yesterday, which saw the pair trade within a 152.09–154.87 range. The pair currently trades around the mid-point of the 152.14–153.06 band at the time of writing.
EUR/USD reached a high of 1.2082 on Tuesday (vs. a low of 1.1851), levels last seen around mid-2021, supported by broader USD weakness. The pair’s strength comes ahead of next week’s ECB meeting, where commentary will be watched for signs of concern that the ECB may miss its inflation target to the downside. The pair currently trades below 1.2000 within a 1.1970–1.2045 intraday range.
Antipodeans are among the better performers. AUD/USD briefly rose following Australian CPI data, where the monthly December reading printed firmer than expected, while the headline quarterly figures matched estimates. However, the RBA-preferred trimmed mean inflation measure exceeded forecasts and remained above the RBA’s 2–3% inflation target. The data prompted banks such as ANZ, Westpac, CBA, and NAB to back a February rate hike from the RBA, with markets pricing a 70%+ probability of this outcome.
South Korea’s Presidential Adviser said that US Treasury Secretary Bessent’s earlier comment on KRW reflects views that Korea’s investment might become difficult if it raises anxiety in the FX market. Hopes that Korea’s US investment bill will be passed in February and will communicate with the US to prevent tariffs from being raised. Alaska LNG project has not been discussed between both countries and will be reviewed under principle of commercial feasibility after investment fund is launched.
Fixed Income
JGBs were bid overnight. Initial gains were exacerbated by a strong 40yr auction, which helped lift the benchmark to a 131.77 peak, with gains of just under 50 ticks at best. Aside from this, focus was on comments from Trump suggesting that Japan and China are always looking to devalue their currencies—remarks which may have weighed on Japanese yields from the start of trade.
USTs trod water overnight in the typical pre-FOMC holding pattern. Since then, a bout of pressure has emerged, with USTs sliding to a 111-21 base, down just over 4 ticks at worst. For the Fed, the full Newsquawk preview is available: rates are expected to remain unchanged in the 3.50–3.75% range, with focus on the number of dissents, any changes to statement language around the labour market, and/or additional adjustments.
Bunds have been grinding higher through the morning, reaching a 128.12 peak as, despite strong ASML earnings, European sentiment remains on the back foot. There has been no move from ECB speakers thus far, who have stuck to the script. A robust 2036 Bund auction (b/c 1.65x vs prev. 1.29x) had little impact on the benchmark.
Gilts opened around 10 ticks higher, reaching a 91.11 peak, before fading back to the figure, where they currently reside. As such, the benchmark is broadly flat on the day, with UK-specific drivers light and the bias likely to remain contained into the Fed.
Japan sold JPY 400bln in 40-year JGBs; b/c 2.76x (prev. 2.59x), highest accepted yield 3.720% (prev. 3.555%). Price at the highest accepted yield 87.27 (prev. 90.40).
Crude benchmarks initially gained at the start of the Asia-Pac session, following on from Tuesday’s bid, before paring back those gains. As of writing, WTI and Brent are trading near session lows of USD 62.08/bbl and USD 66.14/bbl, respectively, after peaking earlier in the session at USD 63.00/bbl and USD 67.13/bbl. News flow has been light so far, as markets continue to absorb the effects of the Arctic storm.
With gas output slowly returning as the worst of the Arctic storm passes, natural gas futures continue to pare back gains made in recent sessions. Henry Hub futures have fallen back below USD 4.00/MMBtu, currently trading around USD 3.63/MMBtu, while Dutch TTF remains below EUR 38/MWh.
Precious metals continue to trade at record levels, with spot gold extending to another ATH at USD 5,311/oz, supported by the weaker dollar in Tuesday’s session following Trump’s comments indicating comfort with the recent decline in the greenback. Spot silver remains near record highs at USD 113.80/oz, as the London liquidity squeeze persists.
3M LME copper gained throughout the APAC session, aided by a weaker dollar and outperformance in Chinese equities. The red metal reclaimed the USD 13,000/t handle, peaking at USD 13.25k/t, before oscillating within a roughly USD 100/t range as the European session gets underway.
Vitol Asia forecasts H1 2026 crude build of 700k BPD.
China’s Shanghai Futures Exchange to adjust price limits and margin requirement for some gold and silver futures contracts from the 30th January closing settlement.
Standard Chartered forecasts copper prices in H1’26 at USD 12.96k compared with USD 11.47k in H2’26; USD softness and sharp moves in gold and silver has supported copper.
Kazakhstan’s Energy Minister said oil output decline will ensure the country remains within OPEC+ quotas, adds Kazakhstan’s energy minister said, oil production in Kazakhstan declined around 900,000 tons after halts at Tengiz and Korolev.
ExxonMobil (XOM) executive said LNG demand will remain strong for the next 10 years and LNG demand forecast to double between now and 2050.
Thailand Central Bank Governor said cap in gold trading will take effect in March.
US Weekly Private Inventory Data (bbls): Crude -0.2mln (exp. +1.8mln), Distillate +2.0mln (exp. -0.6mln), Gasoline-0.4mln (exp. +1.0mln), Cushing -0.0mln.
Geopolitics: Ukraine
Russia’s Kremlin Spokesperson Peskov said work on Ukraine peace talks is underway, however they are very complicated negotiations.
“Russia and India to conduct naval exercises in the Indian Ocean in February”, Al Arabiya reported citing Tass.
USTR’s Greer said Chinese EVs won’t enter the US from Canada without heavy levies, Fox Business reported; criticizes South Korean digital services legislation. The US is still imposing a 50% tariff rate on Indian goods. India has made a lot of progress weaning off Russian oil.
Geopolitics: Middle East
Iran’s Foreign Minister said he hasn’t been in contact with US Envoy Witkoff recently, adding that there hasn’t been any negotiation requests.
Military source in the Houthi ranks in Yemen told the Lebanese newspaper that the Houthis will not allow any ship or American aircraft carrier to approach the Red Sea or the Arabian Sea due to the threat to Yemen, via X.
The Rafah crossing will open next Sunday in both directions, according to the Israeli Walla website.
Geopolitics: Other
EU’s Defence Commissioner said Europe must quickly build their defence independently.
“Russia and India to conduct naval exercises in the Indian Ocean in February”, Al Arabiya reported citing Tass.
South Korea and Japan will conduct defence ministerial talks in Yokusuka this week, according to Yonhap.
North Korea said it had tested a large calibre multiple rocket launch system, according to KCNA.
US Event Calendar
7:00 am: Jan 23 MBA Mortgage Applications, prior 14.1%
2:00 pm: Jan 28 FOMC Rate Decision (Upper Bound), est. 3.75%, prior 3.75%
2:00 pm: Jan 28 FOMC Rate Decision (Lower Bound), est. 3.5%, prior 3.5%
DB’s Jim Reid concludes the overnight wrap
Risk assets put in another decent performance yesterday, with solid earnings pushing the S&P 500 (+0.41%) to another record, and futures on the index (+0.29%) are pointing to more gains this morning. But even as US equities reached new heights, the dollar index (-0.85%) fell to its weakest in nearly four years, having now posted its biggest 4-day decline since the Liberation Day turmoil last April. So it was a pretty mixed day for US assets. Meanwhile, geopolitical risk continued to dominate the headlines, with Brent crude oil reaching its highest since September after Trump said the US had a “big armada” heading to the Middle East, which together with the dollar slump pushed gold prices (+3.42%) to another record close of $5,180/oz. And there’ll be no let-up in the headlines today, as we’ve got the Fed’s latest decision tonight, along with earnings from three of the Mag 7 after the US close.
Ahead of the Fed’s decision, the main story was that ongoing dollar weakness, which saw the Dollar index (-0.85%) close at its lowest level since February 2022. Several factors contributed, but importantly, Trump himself was asked about his thoughts on the decline, and said “No, I think it’s great”, suggesting he wanted the currency to “just seek its own level, which is the fair thing to do”. That followed weak US data earlier in the session, as the Conference Board’s latest consumer confidence print hit its lowest since 2014, at 84.5 (vs. 91.0 expected). And on top of that, fears around a government shutdown this week continued to swirl, with Polymarket giving it a 76% chance of happening this Saturday. So all those factors contributed to pre-existing concerns pushing the dollar lower, including questions around the Fed’s independence, tariff policy uncertainty and the fiscal trajectory.
Of course, with the dollar moving lower, that meant several other currencies reached multi-year highs against it, with the Euro closing above $1.20 yesterday for the first time since June 2021. But that’s also raised questions about whether the ECB would need to think about another interest rate cut given the downward pressure that would cause on inflation. Indeed, Austrian central bank governor Kocher said in an FT interview out this morning that continued euro appreciation could mean the ECB has to react. So the euro’s slipped back a bit this morning after those comments, and is currently trading at $1.1987.
As all that was happening, investor concern continued to mount about geopolitical risk, with ongoing speculation about a potential US strike on Iran. That followed comments from Trump, in an interview recorded on Monday, saying that the US had a “big armada” heading to the Middle East, although he said “I’d rather not see anything happen”. So that helped push up oil prices, with Brent crude (+3.02%) reaching its highest level since September, at $67.57/bbl, whilst WTI (+2.90%) reached its highest since October, at $62.39/bbl. And there was plenty happening elsewhere for commodities, as precious metals saw another round of records yesterday thanks to heightened geopolitical risk and a broader move away from the US Dollar. So gold prices (+3.42%) posted their best day since April to a new record of $5,180/oz, whilst silver (+8.00%) also hit a record of $112.08/oz. Moreover, those gains have continued overnight, with gold up another +1.55% to $5,261/oz, whilst silver has risen +3.19% to $115.66/oz.
Looking forward, the main highlight on today’s calendar is the Federal Reserve’s policy decision, where it’s widely expected they’ll keep rates on hold after 3 consecutive rate cuts. So with the decision unlikely to surprise, the focus will be on the press conference, where several non-economic issues are likely to come up, including the recent DoJ subpoena, the Lisa Cook case at the Supreme Court, the next Chair, and whether Powell will remain as a Governor after his term as chair concludes in May. Our US economists have more in their preview (link here), but they expect Powell to reiterate the points made in his statement on the subpoena earlier this month, and not comment on the next Chair. Then in terms of policy, they expect the Fed to present a more upbeat view about the economy, and think the statement will signal that they’re well-positioned to respond to risks on either side of their dual mandate.
As we head into the Fed’s decision, that pressure on the dollar also spread to long-end Treasuries yesterday, with 10yr yields (+3.2bps) moving a couple of basis points higher after Trump’s comments to end the day at 4.24%, while 30yr yields rose +5.7bps on the day to 4.86%. By contrast, 2yr yields (-1.7bps) rallied after the weaker consumer confidence data, as investors moved to price in more Fed rate cuts this year. So by the close, 47bps of cuts were priced in by the December meeting, up +1.0bps on the day.
Despite that backdrop of dollar weakness and heightened geopolitical tensions, it was actually a very strong day for US equities, with the S&P 500 (+0.41%) posting a 5th consecutive advance that took the index to a new record. Tech stocks led the way, with the Magnificent 7 (+0.89%) closing just over 1% beneath its own record from late-October, ahead of earnings from Meta, Microsoft and Tesla after tonight’s close. Nevertheless, the gains were fairly narrow, with more than half of the S&P 500 constituents lower on the day.
Meanwhile in Europe, equities also put in a strong performance, with the STOXX 600 (+0.58%) closing just 0.2% beneath its own record high from a couple of weeks ago, whilst Spain’s IBEX 35 (+0.70%) hit a new record of its own. However, European bonds only saw modest moves, with yields on 10yr bunds (+0.8bps), OATs (+0.1bps) and BTPs (+0.3bps) all posting small increases. Gilts were the main exception to that, with the 10yr yield (+2.8bps) rising to 4.52%.
Overnight in Asia, there’s been a fairly mixed performance. Some indices have put in a very strong performance, with the KOSPI (+1.64%) currently on track for another record high, whilst the Hang Seng (+2.31%) is currently on course for its highest closing level since 2021. Moreover, the CSI 300 (+0.35%) and the Shanghai Comp (+0.36%) are also higher. However, Japan’s Nikkei (-0.46%) and the TOPIX (-0.85%) have lost ground, which comes as the yen continued to strengthen yesterday, closing at 152.21 per US dollar, its strongest since late October. But JGBs have put in a decent performance overnight after a 40yr auction saw strong demand. So the 10yr JGB yield is down -4.7bps this morning to 2.23%.
Looking at the day ahead, and the main highlight will be the Federal Reserve’s policy decision, along with Chair Powell’s press conference. Otherwise, the Bank of Canada will announce their latest decision, and we’ll hear from the ECB’s Elderson and Schnabel. Finally, today’s earnings releases include Meta, Microsoft, Tesla, IBM, AT&T and Starbucks.
i b European opening report
ASML and SK Hynix earnings lift global tech sectors; DXY rebounds slightly, weighing on G10 currencies – Newsquawk US Market Open
Wednesday, Jan 28, 2026 – 06:31 AM
European bourses are broadly lower; LVMH (-8%) sinks post-earnings, whilst ASML (+4.9%) gains after the company beat across its headline metrics, provided a rosy outlook, and announced a EUR 12bln share buyback.
NQ boosted by ASML & SK Hynix earnings, as well as reports that China is said to have approved the first batch of NVIDIA’s (+1.7%) H200 AI chips for import.
DXY attempts a recovery to the detriment of G10s; AUD among the better performers post-CPI.
USTs slightly softer pre-Fed, Bunds little moved on a robust auction, JGBs bid overnight.
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EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -0.4%) are generally trading with modest losses, aside from the AEX, which has been boosted by post-earnings strength in heavyweight ASML (+4.8%). The company beat across its headline metrics, provided a rosy outlook, and announced a EUR 12bln share buyback.
European sectors hold a negative bias. Tech leads (boosted by ASML), whilst Consumer Products has been pressured by losses in LVMH (-7.1%) after its results disappointed.
US equity futures are mostly positive in the pre-market, with the NQ (+0.8%) outperforming on the back of improved sentiment for the Tech sector following positive ASML and SK Hynix earnings. Furthermore, reports that China has approved imports of over 400,000 NVIDIA H200 chips are further underpinning the tech sector.
ASML (+4.9%) – Q4 2025 (EUR): Sales 9.72bln (exp. 9.26bln, guided 9.2-9.8bln), Orders 13.2bln (exp. 6.95bln), guides Q1 2026 Revenue 8.2-8.9bln (exp. 8.11bln), guides FY26 sales 34-39bln (exp. 36.5bln); Announces up to EUR 12bln share buyback. “In the last months, many of our customers have shared a notably more positive assessment of the medium-term market situation, primarily based on more robust expectations of the sustainability of AI-related demand. This is reflected in a marked step-up in their medium-term capacity plans and in our record order intake.
Volvo (+1.5%) Q4 (SEK) EPS 4.73 (exp. 4.34), Sales 123.8bln (exp. 121.7bln), Op. Income 12.8bln (exp. 11.7bln); raises FY26 NA truck orders 265k (prev. guided 250k). The Board of Directors proposes an ordinary dividend of SEK 8.50 per share and an extra dividend of SEK 4.50 per share. noted that there has been a slight improvement in some markets.
DXY is attempting to claw back some of yesterday’s lost ground, after the index dropped from a high of 97.286 to a low of 95.551 amid the ongoing de-dollarisation theme. The data docket is quiet, so focus will be on the FOMC, which is expected to hold rates at 3.50–3.75%. Markets are focused less on the decision itself and more on any hints around how long the Fed remains patient before cutting, with around 45bps of easing priced by year-end.
USD/JPY is consolidating after its recent slide below the 100 DMA (153.65) yesterday, which saw the pair trade within a 152.09–154.87 range. The pair currently trades around the mid-point of the 152.14–153.06 band at the time of writing.
EUR/USD reached a high of 1.2082 on Tuesday (vs. a low of 1.1851), levels last seen around mid-2021, supported by broader USD weakness. The pair’s strength comes ahead of next week’s ECB meeting, where commentary will be watched for signs of concern that the ECB may miss its inflation target to the downside. The pair currently trades below 1.2000 within a 1.1970–1.2045 intraday range.
Antipodeans are among the better performers. AUD/USD briefly rose following Australian CPI data, where the monthly December reading printed firmer than expected, while the headline quarterly figures matched estimates. However, the RBA-preferred trimmed mean inflation measure exceeded forecasts and remained above the RBA’s 2–3% inflation target. The data prompted banks such as ANZ, Westpac, CBA, and NAB to back a February rate hike from the RBA, with markets pricing a 70%+ probability of this outcome.
South Korea’s Presidential Adviser said that US Treasury Secretary Bessent’s earlier comment on KRW reflects views that Korea’s investment might become difficult if it raises anxiety in the FX market. Hopes that Korea’s US investment bill will be passed in February and will communicate with the US to prevent tariffs from being raised. Alaska LNG project has not been discussed between both countries and will be reviewed under principle of commercial feasibility after investment fund is launched.
FIXED INCOME
JGBs were bid overnight. Initial gains were exacerbated by a strong 40yr auction, which helped lift the benchmark to a 131.77 peak, with gains of just under 50 ticks at best. Aside from this, focus was on comments from Trump suggesting that Japan and China are always looking to devalue their currencies—remarks which may have weighed on Japanese yields from the start of trade.
USTs trod water overnight in the typical pre-FOMC holding pattern. Since then, a bout of pressure has emerged, with USTs sliding to a 111-21 base, down just over 4 ticks at worst. For the Fed, the full Newsquawk preview is available: rates are expected to remain unchanged in the 3.50–3.75% range, with focus on the number of dissents, any changes to statement language around the labour market, and/or additional adjustments.
Bunds have been grinding higher through the morning, reaching a 128.12 peak as, despite strong ASML earnings, European sentiment remains on the back foot. There has been no move from ECB speakers thus far, who have stuck to the script. A robust 2036 Bund auction (b/c 1.65x vs prev. 1.29x) had little impact on the benchmark.
Gilts opened around 10 ticks higher, reaching a 91.11 peak, before fading back to the figure, where they currently reside. As such, the benchmark is broadly flat on the day, with UK-specific drivers light and the bias likely to remain contained into the Fed.
Japan sold JPY 400bln in 40-year JGBs; b/c 2.76x (prev. 2.59x), highest accepted yield 3.720% (prev. 3.555%). Price at the highest accepted yield 87.27 (prev. 90.40).
Crude benchmarks initially gained at the start of the Asia-Pac session, following on from Tuesday’s bid, before paring back those gains. As of writing, WTI and Brent are trading near session lows of USD 62.08/bbl and USD 66.14/bbl, respectively, after peaking earlier in the session at USD 63.00/bbl and USD 67.13/bbl. News flow has been light so far, as markets continue to absorb the effects of the Arctic storm.
With gas output slowly returning as the worst of the Arctic storm passes, natural gas futures continue to pare back gains made in recent sessions. Henry Hub futures have fallen back below USD 4.00/MMBtu, currently trading around USD 3.63/MMBtu, while Dutch TTF remains below EUR 38/MWh.
Precious metals continue to trade at record levels, with spot gold extending to another ATH at USD 5,311/oz, supported by the weaker dollar in Tuesday’s session following Trump’s comments indicating comfort with the recent decline in the greenback. Spot silver remains near record highs at USD 113.80/oz, as the London liquidity squeeze persists.
3M LME copper gained throughout the APAC session, aided by a weaker dollar and outperformance in Chinese equities. The red metal reclaimed the USD 13,000/t handle, peaking at USD 13.25k/t, before oscillating within a roughly USD 100/t range as the European session gets underway.
Vitol Asia forecasts H1 2026 crude build of 700k BPD.
China’s Shanghai Futures Exchange to adjust price limits and margin requirement for some gold and silver futures contracts from the 30th January closing settlement.
Standard Chartered forecasts copper prices in H1’26 at USD 12.96k compared with USD 11.47k in H2’26; USD softness and sharp moves in gold and silver has supported copper.
Kazakhstan’s Energy Minister said oil output decline will ensure the country remains within OPEC+ quotas, adds Kazakhstan’s energy minister said, oil production in Kazakhstan declined around 900,000 tons after halts at Tengiz and Korolev.
ExxonMobil (XOM) executive said LNG demand will remain strong for the next 10 years and LNG demand forecast to double between now and 2050.
Thailand Central Bank Governor said cap in gold trading will take effect in March.
US Weekly Private Inventory Data (bbls): Crude -0.2mln (exp. +1.8mln), Distillate +2.0mln (exp. -0.6mln), Gasoline-0.4mln (exp. +1.0mln), Cushing -0.0mln.
TRADE/TARIFFS
China has resumed the purchase of Canadian canola, Bloomberg reported citing sources; crushers in China have booked cargoes for loading in the next few months.
South Korea’s Presidential Adviser said they cannot rule out the possibility of the US mentioning a tariff hike again because of future disagreement over investment.
EU and Vietnam in a joint statement are set to agree on a deeper connection on critical minerals and semiconductors.
US President Trump said we will find a solution together with South Korea when asked about his announcement of raising tariffs against Korea.
US President Trump said we’re making a lot of good deals, Fox News interview.
USTR’s Greer said Chinese EVs won’t enter the US from Canada without heavy levies, Fox Business reported; criticizes South Korean digital services legislation. The US is still imposing a 50% tariff rate on Indian goods. India has made a lot of progress weaning off Russian oil.
NOTABLE EUROPEAN HEADLINES
UK PM Starmer delays decision on Chinese-built wind farm factory after security fears, according to The Times.
Leaders of Dutch political parties reach an agreement on forming minority government.
Maersk (MAERSKB DC) announces a stoppage in operations in the West Mediterranean terminals, adding that there’s no clear sign on when operations are to resume.
NOTABLE EUROPEAN DATA RECAP
UK ONS announces the final ‘Go’ decision for the introduction of supermarket scanner data into consumer inflation statistics.
German GfK Consumer Confidence (Feb) -24.1 vs. Exp. -25.5 (Prev. -26.9, Low. -28, High. -22).
US President Trump affirms that he will announce Fed chair pick soon.
Minutes from BoJ’s December 18th-19th meeting noted that members said it is appropriate to keep raising rates if the outlook is met, while a member said waiting another meeting in raising rates would be risky given impacts of FX on inflation. Most members said BoJ should not have a preset idea on rate hike pace and must scrutinise the economy, prices and markets in making decisions at each meeting. A few members said adjusting degree of monetary support will help stabilise markets and have merits to the economy. A member warned that divergence of real rates from equilibrium may impair long-term economic growth.
ECB’s Villeroy said the ECB are closely monitoring the euro and its effect on inflation, adds there is no target for the euro exchange rate.
ECB’s Cipollone said uncertainty may increase, hitting a recovery, and warned that global turbulence could hit the euro area, according to Bloomberg.
ECB’s Kocher said the central bank would need to act if the euro keeps gaining, according to FT.
ANZ now sees the RBA raising rates by 25bps at its meeting next week, while it views this as a single insurance tightening and not the start of a series of hikes.
New Zealand Finance Minister Willis said the RBNZ said we’ll be easing off the accelerator at some point and will be guided by data.
Thailand Central Bank Governor Vitai said the economy may grow 1.5%-1.7% in 2026, adds need to tackle structural issues, and that Thailand is facing US tariffs and structural problems.
NOTABLE US HEADLINES
US President Trump said under his leadership, economic growth is exploding to numbers not seen before.
GEOPOLITICS
RUSSIA-UKRAINE
Russia’s Kremlin Spokesperson Peskov said work on Ukraine peace talks is underway, however they are very complicated negotiations.
“Russia and India to conduct naval exercises in the Indian Ocean in February”, Al Arabiya reported citing Tass.
USTR’s Greer said Chinese EVs won’t enter the US from Canada without heavy levies, Fox Business reported; criticizes South Korean digital services legislation. The US is still imposing a 50% tariff rate on Indian goods. India has made a lot of progress weaning off Russian oil.
MIDDLE EAST
Iran’s Foreign Minister said he hasn’t been in contact with US Envoy Witkoff recently, adding that there hasn’t been any negotiation requests.
Military source in the Houthi ranks in Yemen told the Lebanese newspaper that the Houthis will not allow any ship or American aircraft carrier to approach the Red Sea or the Arabian Sea due to the threat to Yemen, via X.
The Rafah crossing will open next Sunday in both directions, according to the Israeli Walla website.
OTHERS
EU’s Defence Commissioner said Europe must quickly build their defence independently.
“Russia and India to conduct naval exercises in the Indian Ocean in February”, Al Arabiya reported citing Tass.
South Korea and Japan will conduct defence ministerial talks in Yokusuka this week, according to Yonhap.
North Korea said it had tested a large calibre multiple rocket launch system, according to KCNA.
CRYPTO
Bitcoin is on a firmer footing and back above USD 89k; Ethereum outperforms and holds around USD 3k.
APAC TRADE
APAC stocks traded mixed with an early positive bias seen following the mostly constructive handover from Wall Street, although some cautiousness began to seep through ahead of looming key risk events.
ASX 200 was subdued with the index dragged lower by weakness in tech and consumer stocks, while the predominantly firmer-than-expected inflation data from Australia supports the case for a hike at next week’s RBA meeting.
Nikkei 225 underperformed from the open, following the recent currency strength spurred by intervention speculation and US President Trump’s FX-related rhetoric.
Hang Seng and Shanghai Comp were in the green with energy and telecom stocks among the index leaders in Hong Kong, while the mainland was kept afloat after developer China Vanke won creditor approval to extend another two CNY bonds and with a report noting that China approved the first batch of NVIDIA’s H200 AI chips for import involving several hundred thousand H200 AI chips.
NOTABLE ASIA-PAC HEADLINES
China is reportedly expected to move to more targeted measures across different sectors to reduce excessive competition and result in quality developments, Securities Times reported citing sources.
NOTABLE APAC DATA RECAP
Australian CPI QQ (Q4) 0.6% vs Exp. 0.6% (Prev. 1.3%).
Australian RBA Trimmed Mean CPI YoY (Dec) Y/Y 3.3% vs. Exp. 3.3% (Prev. 3.2%, Low. 3.1%, High. 3.3%).
Australian Inflation Rate YoY (Dec) Y/Y 3.8% vs. Exp. 3.6% (Prev. 3.4%, Low. 3.0%, High. 3.8%).
Australian RBA Quarterly Weighted Median CPI Y/Y (Q4) 3.20% vs. Exp. 3.10% (Prev. 2.80%).
Australian RBA Quarterly Weighted Median CPI Q/Q (Q4) 0.90% vs. Exp. 0.80% (Prev. 1.00%).
Australian RBA Quarterly Trimmed Mean CPI Y/Y (Q4) 3.40% vs. Exp. 3.30% (Prev. 3.00%).
Australian RBA Quarterly Trimmed Mean CPI Q/Q (Q4) 0.90% vs. Exp. 0.80% (Prev. 1.00%).
Australian Trimmed Mean CPI YY (Dec) 3.3% vs. Exp. 3.3% (Prev. 3.2%).
Australian CPI YY (Q4) 3.6% vs Exp. 3.6% (Prev. 3.2%).
NOTABLE APAC EQUITY HEADLINES
SK Hynix (000660 KS), on the earnings call, said they are to establish a US unit specialised in AI solutions.
SK Hynix (000660 KS) expects a considerable increase in capex during 2026. Sees server set growth in the high-teen percentages. Expect short-term shipment adjustments due to deteriorated consumer sentiment. PC and mobile memory demand will trail the market. Expect 2026 DRAM demand to increase by over 20% Y/Y. HBM revenue more than doubled Y/Y. Growth momentum accelerated further in Q4. Sees considerable supply tightness in Q1.
UMC (2303 TT / UMC) FY25 (TWD): Revenue 237.6bln (exp. 235.6bln), Net 41.7bln (exp. 42.1bln). Q4:. Revenue 61.81bln (prev. 59.13bln). Gross Margin 30.7% (prev. 29.8%). Net Income 10.06bln (prev. 14.98bln). EPS 0.81/shr (prev. 1.20/shr). Co-president Wang:. “… flattish wafer shipments amid mild demand across most markets.”. Into Q1, “expect wafer demand to remain firm”. “Confident that 2026 will be another growth year as tape-outs on our 22nm platforms accelerate and other new solutions continue to gain business traction.”.
1 c Asian opening report
European equities futures point to a positive open as ASML reports record orders – Newsquawk EU Market Open
Wednesday, Jan 28, 2026 – 01:34 AM
APAC stocks traded mixed with an early positive bias seen following the mostly constructive handover from Wall Street, although some cautiousness began to seep through ahead of looming key risk events.
China is said to have approved the first batch of NVIDIA’s (NVDA) H200 AI chips for import, with sources noting that China has granted approval for the import of several hundred thousand H200 AI chips, later reported to be over 400,000.
ANZ shifted its RBA call, in which it now sees a 25bps hike at next week’s RBA meeting following the mostly hotter Australian CPI report overnight.
European equity futures indicate a firmer cash market open with Euro Stoxx 50 +0.6% following earnings from ASML. Euro Stoxx 50 cash finished with gains of 0.6% on Tuesday.
Looking ahead, highlights include New Zealand Trade (Dec), Fed Policy Announcement, BoC Policy Announcement, BCB Policy Announcement. Speakers include ECB’s Elderson & Schnabel, BoC’s Macklem, Fed Chair Powell. Supply from Germany & US. Earnings from Microsoft, Meta, Tesla, Lam, ServiceNow, IBM, GE Vernova, AT&T, Starbucks, VF Corp, Danaher & AS.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
US TRADE
EQUITIES
US stocks closed firmer, driven largely by mega-cap names as markets look towards MSFT, TSLA, and META earnings on Wednesday after the FOMC. Unsurprisingly, Healthcare was the worst performer, weighed by broad weakness in insurers (UNH -19.6%, CVS -14.2%, HUM -21.1%) after a WSJ report late on Monday that the Trump administration is proposing to keep the rates steady that Medicare pays insurers, lower than the Street’s expectations of 5%.
Financials also saw losses while Tech, Utilities, and Energy outperformed. The latter was supported by upside in crude prices as the winter storm in the US continues to curtail production, with analysts noting that US oil producers lost up to 15% of national production over the weekend. US data largely had little impact on FX, but did add to downside in US 2yr yields as US Consumer Confidence hit a 12-year low; Richmond Fed showed slight improvement, albeit still negative, while ADP weekly employment growth marginally eased.
SPX +0.41% at 6,979, NDX +0.88% at 25,940, DJI -0.83% at 49,003, RUT +0.26% at 2,667.
US President Trump said we will find a solution together with South Korea when asked about his announcement of raising tariffs against Korea, while he separately commented that they are making a lot of good deals.
US President Trump’s admin is warning South Korea not to target tech companies with discriminatory regulations and investigations, while many discussions involve Coupang (CPNG), according to WSJ.
USTR Greer said Chinese EVs won’t enter the US from Canada without heavy levies, according to Fox Business. Greer also criticised South Korean digital services legislation, and stated the US is still imposing a 50% tariff rate on Indian goods, as well as noted that India has made a lot of progress weaning off Russian oil.
China is said to have approved the first batch of NVIDIA’s (NVDA) H200 AI chips for import, with sources noting that China has granted approval for the import of several hundred thousand H200 AI chips.
China has reportedly approved imports of over 400,000 NVIDIA (NVDA) H200 chips, according to sources.
EU Commission official said Shein could face an EU investigation regarding the sale of illegal products on its platform, but is unlikely to be hit with an order to suspend its website.
NOTABLE HEADLINES
US President Trump said under his leadership, economic growth is exploding to numbers not seen before, while he reiterated that he wants interest rates to go down and affirmed that he will announce his Fed chair pick soon.
US President Trump said he doesn’t think the dollar declined too much and noted that the dollar is doing great and the value of the dollar is great, while he stated that China and Japan always want to devalue their currencies. Trump also said the dollar is seeking its own level, which is fair and he can have it up or down like a yo-yo.
APAC TRADE
EQUITIES
APAC stocks traded mixed with an early positive bias seen following the mostly constructive handover from Wall Street, although some cautiousness began to seep through ahead of looming key risk events.
ASX 200 was subdued with the index dragged lower by weakness in tech and consumer stocks, while the predominantly firmer-than-expected inflation data from Australia supports the case for a hike at next week’s RBA meeting.
Nikkei 225 underperformed from the open, following the recent currency strength spurred by intervention speculation and US President Trump’s FX-related rhetoric.
Hang Seng and Shanghai Comp were in the green with energy and telecom stocks among the index leaders in Hong Kong, while the mainland was kept afloat after developer China Vanke won creditor approval to extend another two CNY bonds and with a report noting that China approved the first batch of NVIDIA’s H200 AI chips for import involving several hundred thousand H200 AI chips.
US equity futures mostly extended on gains but with the upside capped as the FOMC and Mag 7 earnings loom.
European equity futures indicate a firmer cash market open with Euro Stoxx 50 +0.6% following earnings from ASML. Euro Stoxx 50 cash finished with gains of 0.6% on Tuesday.
FX
DXY nursed some of the prior day’s losses after suffering from the ongoing de-dollarisation theme, and with the greenback not helped by weak US Consumer Confidence, while selling pressure was exacerbated late on Tuesday after President Trump said he doesn’t think the dollar declined too much and that he can have it up or down like a yo-yo. The attention now turns to the conclusion of the FOMC meeting later, where the Fed is expected to pause on rates.
EUR/USD pared some of its spoils after having benefitted yesterday from the dollar’s demise, which saw the single currency briefly reclaim the 1.2000 status, while several recent ECB comments did little to shift the dial.
GBP/USD pulled back after climbing to its highest level in more than four years and failed to sustain a brief return to the 1.3800 territory, with very light newsflow from the UK.
USD/JPY rebounded from a 3-month low after slumping on intervention speculation and rhetoric from US President Trump, who doesn’t think the dollar declined too much and said China and Japan always want to devalue their currencies.
Antipodeans mildly softened as the dollar regained poise and with only brief support seen in AUD/USD following Australian CPI data in which the monthly reading for December printed firmer-than-expected, while the headline quarterly figures matched estimates, although the quarterly RBA-preferred Trimmed Mean Inflation topped forecasts and remained above the RBA’s 2%-3% inflation goal. This prompted ANZ to shift its RBA call, in which it now sees a 25bps hike at next week’s RBA meeting and views this as a single insurance tightening and not the start of a series of hikes.
PBoC set USD/CNY mid-point at 6.9755 vs exp. 6.9231 (Prev. 6.9858)
FIXED INCOME
10yr UST futures were choppy following US-South Korea tariff frictions, weak US Consumer Confidence and an average 5-year auction stateside, while the attention turns to FOMC, where the Fed is widely expected to stand pat.
Bund futures struggled for direction after yesterday’s choppy performance, while GfK data and Bund supply loom.
10yr JGB futures climbed amid a softer yield environment in Japan with risk appetite sapped by a firmer currency, while stale minutes from the BoJ’s December meeting provided very little to shift the dial in which members reiterated that it is appropriate to keep raising rates if the outlook is met, although prices were briefly supported in the aftermath of the latest 40yr JGB offering which resulted in a slightly higher-than-previous coverage ratio.
COMMODITIES
Crude futures remained elevated after rallying throughout the prior session despite the absence of any major energy-specific catalysts, although the moves had coincided with recent dollar selling and weather-related output disruptions, while the latest weekly private sector inventory data was mixed and had little impact on price action.
US Weekly Private Inventory Data (bbls): Crude -0.2mln (exp. +1.8mln), Distillate +2.0mln (exp. -0.6mln), Gasoline -0.4mln (exp. +1.0mln), Cushing -0.0mln.
US is reportedly to issue a general license soon lifting some sanctions on the Venezuelan oil industry.
Spot gold extended on record highs and climbed above the USD 5,200/oz level for the first time, with recent dollar pressure and uncertainty, supporting demand for the precious metal.
Copper futures rallied alongside the mostly constructive mood, but with further upside capped ahead of looming key events and with resistance at the USD 6.00/lb level.
Citadel is moving into industrial metals, shifting its stance after years of avoiding the sector as prices from copper to tin hit record highs, Bloomberg reported citing sources. The hedge fund hired Ylan Adler as a portfolio manager with a cross-commodities mandate, of which metals will be a key part, according to sources.
CRYPTO
Bitcoin was lacklustre and eventually trickled lower to below the USD 89,000 level.
NOTABLE ASIA-PAC HEADLINES
BoJ Minutes from the December 18th-19th Meeting noted that members said it is appropriate to keep raising rates if the outlook is met, while most members said BoJ should not have a preset idea on rate hike pace and must scrutinise the economy, prices and markets in making decisions at each meeting. A few members said adjusting the degree of monetary support would help stabilise markets and have merits to the economy, while a member said waiting for another meeting to raise rates would be risky given the impact of FX on inflation, and a member also warned that divergence of real rates from equilibrium may impair long-term economic growth.
UK PM Starmer delayed the decision on a Chinese-built wind farm factory after security fears.
DATA RECAP
Australian CPI YY (Dec) 3.8% vs. Exp. 3.6% (Prev. 3.4%)
Australian Trimmed Mean CPI YY (Dec) 3.3% vs. Exp. 3.3% (Prev. 3.2%)
Australian CPI QQ (Q4) 0.6% vs Exp. 0.6% (Prev. 1.3%)
Australian CPI YY (Q4) 3.6% vs Exp. 3.6% (Prev. 3.2%)
Australian RBA Trimmed Mean CPI QQ (Q4) 0.9% vs. Exp. 0.8% (Prev. 1.0%)
Australian RBA Trimmed Mean CPI YY (Q4) 3.4% vs. Exp. 3.3% (Prev. 3.0%)
Australian RBA Weighted Median CPI QQ (Q4) 0.9% vs. Exp. 0.8% (Prev. 1.0%)
Australian RBA Weighted Median CPI YY (Q4) 3.2% vs. Exp. 3.1% (Prev. 2.8%)
GEOPOLITICS
MIDDLE EAST
Israeli PM Netanyahu said if Iran attacks them, it will respond with a force it has never seen before. It was separately reported that the Israeli military said it identified “suspected infiltration” into Israel from Jordan.
IRGC said Iran will treat neighbours as hostile if their territory is used to launch an attack.
US President Trump said he is hearing that Iraq might make a very bad choice by reinstalling Nouri al-Maliki as Prime Minister, while he added that it should not be allowed to happen again and if elected, the US will no longer help Iraq.
RUSSIA-UKRAINE
US President Trump said very good things are happening on Ukraine and Russia.
OTHERS
North Korea said it had tested a large calibre multiple rocket launch system, according to KCNA.
EU/UK
NOTABLE HEADLINES
ECB’s Nagel said there is no reason to change rates anytime soon, and he agrees with Chief Economist Lane that there is no good argument for changing rates in either direction.
ECB’s Kocher said officials must be ready to act if needed. It was separately reported that ECB’s Kocher said the central bank would need to act if the euro keeps gaining, according to FT.
Dutch political party leaders reached an agreement on forming a minority government.
French government survived no-confidence votes in parliament.
NOTABLE EUROPEAN EQUITY NEWS
ASML (ASML NA) – Q4 2025 (EUR): Sales 9.72bln (exp. 9.26bln, guided 9.2-9.8bln), Orders 13.2bln (exp. 6.95bln), guides Q1 2026 Revenue 8.2-8.9bln (exp. 8.11bln), guides FY26 sales 34-39bln (exp. 36.5bln); Announces up to EUR 12bln share buyback. CEO: “many of our customers have shared a notably more positive assessment of the medium-term market situation, primarily based on more robust expectations of the sustainability of AI-related demand.”
LVMH (MC FP) – Q4 2025 (EUR): Revenue 22.7bln (exp. 22.6bln), Organic growth +1% (exp. -0.3%); FY revenue 80.81bln (exp. 80.65bln), Profit from recurring operations 17.76bln (exp. 17.15bln), Net profit 10.88bln (exp. 10.55bln). Q4 fashion & leather organic sales -3% (exp. -2.94%) Q4 wines & spirits revenue -9% (exp. -1.1%). Q4 sales -2% in Europe, +1% in US, and +1% in Asia. Will propose dividend of EUR 13 (exp. EUR 12.04).
NORTH KOREA/SOUTH KOREA/JAPAN
JAPAN
3. CHINA
CHINA/VENEZUELA
China’s Largest Oil Producer Suspends Purchases Of Venezuela Oil
Preamble..
Robert H….
Tuesday, Jan 27, 2026 – 08:30 PM
Chinese state-owned giant PetroChina, Asia’s largest oil and gas producer, which hasn’t bought Venezuelan crude since the U.S. imposed sanctions on Venezuela in 2019, is not too keen to start buying again after the U.S. authorized global traders to market the crude from the world’s biggest reserves holder, OilPrice reports.
PetroChina has told traders not to buy or trade Venezuela’s oil – a trade that is now under U.S. control after the capture of Nicolas Maduro, trading sources with knowledge of the matter told Reuters on Tuesday.
The Chinese oil and gas giant stopped imports of Venezuelan crude in 2019, when the first Trump Administration slapped sanctions on Venezuela’s oil sector, for fear of running afoul of the restrictions. Before the 2019 sanctions, PetroChina was the single biggest buyer of crude from Venezuela.
Now PetroChina is refraining from buying crude marketed by the world’s top oil trading houses – with U.S. blessing – as it assesses the situation, according to Reuters’ sources.
One reason is the concern that the U.S. controls the oil from Venezuela, another is that the offers aren’t competitive compared to other supplies of heavy crude, including from Canada, the sources told the publication.
The discount of Venezuela’s flagship crude grade Merey relative to Brent has narrowed by about $10 per barrel since the ousting of Maduro.
Vitol, the world’s biggest independent oil trader, is offering Venezuelan crude to Chinese refiners at a discount that’s three times narrower compared to the illicit sales from Venezuela before Maduro’s ousting, anonymous traders with knowledge of the development told Bloomberg last week.
Vitol has recently offered cargoes of Venezuela’s flagship Merey heavy sour crude grade to China at a discount of $5 per barrel to ICE Brent, according to Bloomberg’s sources.
This compares with a discount as wide as $15 a barrel to ICE Brent on a delivered basis before the U.S. blitz in Venezuela and the capture of Maduro.
Meanwhile, Chinese independent refiners, which gorged on cheap sanctioned Venezuelan crude in the past few years, are likely welcoming what could be their last imports of sanctioned Venezuelan oil, which loaded before the U.S. blockade.
END
CHINA/CANADA
The smart move would have been to spend the $2.5Billion given to Zelensky in December on improving Canada’s ability to defend the Arctic.
Whether anyone likes of not geography puts Canada in the play for hegemony in the Arctic with the 2nd largest coastline next to Russia. One can be certain that CHina with NO Arctic coastline will not be satisfied to allow Canada and America to benefit without interference. Simply because Chinese presence weakens America and puts Canada into play. Whether or how Carney choses to utter Canada is on the table and on the menu. The question is who eats and how much. There is NO equally. That day is long gone. What remains is for Canada to determine where and with who its future lies. And that will not be Canada’s sole decision whether we like it or not.
In much of the Arctic, Canada is America’s first line of defense. China is now studying and surveying Arctic waters to help its submarines both navigate and evade detection, and, within a few years, will be able to send armed submarines to the North Pole. There, they will be close to potential North American targets. Pictured: The Chinese polar icebreaking research vessel Xuelong sets off from Shanghai on November 8, 2017. (Photo by STR/AFP via Getty Images)
“Russia is without question a threat in the Arctic,” Canadian Prime Minister Mark Carney said this month at the World Economic Forum in Davos. “Without question, Russia does lots of horrible things.”
Russia, despite all the horrible things it does, is not able to challenge Canada without its partner. Carney was quick to name China as the biggest security threat to his country during a federal election debate last April. At Davos, however, he was not willing to talk about China posing a danger to his country.
Moreover, his foreign affairs minister was similarly reluctant. Anita Anand in Davos did not name names when reporters asked her to cite the top threat facing Canada.
Carney had it right the first time: Canada’s top threat is China.
Before showing up at Davos, Canada’s prime minister traveled to Beijing where he agreed to a trade deal and mentioned a “new world order.”
He also spoke of a “Canada-China new Strategic Partnership in the spirit of mutual respect, equality, and mutual benefit to bring more positive outcomes to both peoples.”
Some say Carney genuinely believes his country should be aligned with China, and others think his trip to the Chinese capital was merely a bargaining tactic to get U.S. President Donald Trump to back down from his increasingly dire-sounding trade threats. In either case, the Canadian leader is soft-pedaling a real danger to Canada, especially in the Arctic.
At the top of the world, Russia and China are close partners.
In 2024, the Chinese and Russian militaries flew planes on patrols near Alaska for the first time. Chinese bombers took off and landed from a Russian airfield.
Also for the first time, Chinese research submarines traveled beneath Arctic ice last summer. China is now studying and surveying Arctic waters to help its submarines both navigate and evade detection.
China, within a few years, will be able to send armed submarines to the North Pole. There, they will be close to potential North American targets.
China is also patrolling the Arctic with Coast Guard vessels, which, despite being painted in civilian white, resemble gray-hulled navy frigates.
Beijing has had Canada in its sights for a long time, and it has not limited its threatening activities to the seas.
“While much of the focus on China and the Arctic has been about maritime areas, for years Beijing has worked on developing people-to-people ties on land, for example with Canadian First Nations, which own or control vast tracts of land,” Cleo Paskal of the Foundation for Defense of Democracies told Gatestone this month. “The Chinese talked about commonalities, including the possibility of being ‘related,’ as the first Canadians came across the Bering Strait from Asia.”
In the fall of 2008, Paskal reports, more than two dozen First Nations chiefs and representatives traveled to China. According to the delegation head, Chief Calvin Helin, “to be greeted and hosted at the level we were is quite unbelievable and quite historic.”
Historic? Yes. Unbelievable? No.
China, in a number of countries, has courted indigenous populations as a way of gaining a foothold and then breaking them apart. Canada is one of the targets.
“Ottawa’s neglect of its Arctic peoples is longstanding, which is the sort of situation where China thrives,” says Paskal.
It is those people who form the backbone of Canada’s defense in its Arctic domains, which comprise 40% of the country’s landmass and over 70% of its coastline. There, Ottawa relies on the 5,000-strong Canadian Rangers, a paramilitary unit drawn from Inuit, Dene, Cree, Anishinaabe, Metis, and other local residents in the remote northern and coastal regions.
As Charles Burton of the Sinopsis think tank tells Gatestone, Ottawa provides the Canadian Rangers with only “inadequate equipment for harsh conditions, such as antiquated rifles and snowmobiles for patrols across their massive frozen territory.”
“Canada has ranked among the lowest defense spenders in NATO, allocating only about 1.4% of gross domestic product prior to recent pledges,” Burton, author of the just-released The Beaver and the Dragon: How China Out-Maneuvered Canada’s Diplomacy, Security, and Sovereignty, pointed out. “Canada’s underfunding stems from post-Cold War complacency, reliance on the U.S., and prioritization of social programs over military defense.”
Canada’s primary problem in the Arctic is not inadequate funding; it is obliviousness. Until 2020, the Chinese and Canadian militaries trained together for winter warfare at CFB Petawawa, an army base in Ontario, about 105 miles northwest of Ottawa.
Canada’s vast Arctic region remains undefended, and today the country’s leaders cannot speak out loud about the source of the threat.
That reluctance is also a problem for America: In much of the Arctic, Canada is America’s first line of defense.
In an extraordinary case that could decide the future of press rights in Europe, Berlin-based German-Turkish journalist Hüseyin Doğru is currently under European Union sanctions for his reporting, which left him completely unable to access his bank account for months.
Under orders from the EU, his assets were frozen, and these sanctions were dispensed with no trial or appeal. Currently, Doğru says he is not even allowed to leave Germany.
As Berliner Zeitung reports, Doğru completely exhausted all financial means, telling the paper that his bank has completely blocked access to his previously approved minimum subsistence allowance of €506. He stated that he can no longer support his family or even buy food for his two newborn children.
“Not only I, but also my wife and my three children are effectively being sanctioned,” Doğru, a left-wing journalist, said in the interview.
“The sanctions themselves stipulate that I am entitled to access to essential funds. The fact that my bank is nevertheless blocking these funds violates applicable law in my view,” he told the Berlin newspaper.
Since then, he has won some reprieve and regained access to his account on Jan. 22 through the actions of his lawyer, but a legal battle over the sanctions is continuing.
There are now fears that the extraordinary case may be a sign of where the future is headed, where an authoritarian EU can censor and financially ruin dissidents and journalists with no oversight or judicial review. Notably, similar sanctions could also be deployed against others, such as Roger Köppel, the Swiss editor-in-chief of the weeklyDie Weltwoche.
Doğru has been on an EU sanctions list since May 2025, with Brussels arguing that his pro-Palestinian journalistic work incites “ethnic, political, and religious discord” and therefore, he allegedly supports “destabilizing activities by Russia.” Notably, he filmed a number of the occupations of Berlin universities by pro-Palestinian activists.
The basis for the sanctions was his alleged connections to Russia, but the Berliner Zeitung indicates that so far, no proof has been presented to confirm this accusation, and more importantly, there was no trial or evidence provided to support this accusation.
“Brussels justifies the measures by saying that he is using his pro-Palestinian journalistic work to stir up ‘ethnic, political and religious discord’ and thus allegedly ‘destabilizing activities that support Russia.’ The EU has not yet publicly provided any concrete evidence of a connection to Moscow,” wrote the paper.
Germany couldn’t do it, but the EU could
In a recent interview on Youtube, which included the Greek progressive Yanis Varoufakis, Doğru provided further details about his case, including why these sanctions came from the EU and not Germany.
“And this now all applied to me the first time in the form of a sanction, but the German government did not do it directly with me. They, as Yanis said, pass it over to the European Union because in Germany, they could not do that in a legal way, because the backlash is still there in this bourgeois democracy. The little backlash, if it comes to their own citizens, which I am, even though they don’t maybe accept me as such. But if a journalist is in court here, he has a lot of rights.
But if you go through the European Union, the European Commission, there is no judge, there is no hearing, there is no evidence. It’s an extrajudicial act of… and the EU says sanctions are not punishment, they are punitive to change your behavior for the benefit of the European Union, which is not a punishment. So, it’s an extrajudicial execution of a journalist.
But now coming back to the beginning, why is that happening? They’re all laid that out and they’re testing it with me for the first time. And what makes the whole situation unique is that the first time, if they can get away with it, this is going to soon happen to you guys as well, or even those who attacked us.”
The sanctions had a devastating effect on Doğru and illustrate how they could be used to silence nearly any journalist, whether on the left or the right.
“I’m not allowed to pay my lawyer. I’m not allowed to buy water. I’m not allowed to provide my child with food. I’m not allowed to work. I’m not allowed to buy medicine. Every single monetary transaction with me is forbidden. Technically, you’re not even allowed to give me a basket of food because I could turn that technically into money. And this is forbidden.
And if I violate or you do, I don’t know about you, but if I were to violate one of these things, I could face like five years of prison time by avoiding sanctions technically, but they went further. I’m sanctioned, I’m on that list, but they also technically sanctioned my wife and our unborn twins because they froze older accounts. She is not allowed to receive her salary right now.
So in this moment, we technically have no money that we can access to go and buy something. There is also the problem because a lot of activists, journalists, colleagues, politicians and family members even said, ‘Should we send you money?’ We said, ‘Don’t do that. Don’t do that because you would be maybe categorized as avoiding sanctions.’ And this is the problem here. Sanction, as the European Union describes on their website, is a tool that is aligned with humanitarian law, which is not deemed to punish, but rather to change your behavior.”
Notably, this is tool is being used on a journalist in Europe during a time when EU Commission President Ursula von der Leyen is claiming that Europe is a place where freedom of speech is valued, a point that Doğru is more than willing to point out.
The German-Turkish journalist stated during the interview that he does not understand what “behavior” is supposed to be changed by the sanctions, saying:
“To change behavior, what kind of behavior do they want to change? My behavior to use my rights as a citizen of Europe or of the world to express my opinion on certain events. Also, the right to survive because all my existential grounds are taken away from me. To be a bit more specific, maybe that sounds a bit crude, but just to make the point that I don’t want anyone to misunderstand me, someone in a prison currently technically has more rights than I have, because they can, in custody, buy something which I can’t even.”
The Russian accusations
For those on the right who dismiss this case because of Doğru’s pro-Palestinian coverage or maybe even dislike him because he’s a Muslim, it is clear that this is only a test case. Many of his views or the views of Varoufakis, such as their claims about European colonialism, can be contested, but that is besides the point. Conservatives, libertarians, and the right will all be targeted in the future, not only with this type of method, but other similar methods that are already being deployed.
Doğru indicates that the argument, as far as he can see, is not that he has any direct connection to Russia, but that the EU can interpret his reporting as beneficial to Russia, and therefore, it can legally use these extrajudicial sanctions. Notably, Doğru said he was openly criticizing Russia and its war in Ukraine long before these sanctions hit him.
“And I think this is unique as Yanis said at the beginning with my case, because for the first time ever, Europe sanctioned a journalist in the context of the Russian sanction packages and laws and regulations, who was criticizing Russian policies publicly, which I did, who was criticizing the war in Ukraine,” he said.
He added that he was targeted for “covering protests across Europe, which meant for the European Union that covering that, covering protests, covering violent protests, means for the European Union that only Russia can benefit from that because I’m creating social discord. I’m focusing on that, apparently, and Russia can benefit from that. Therefore, that makes me a Russian news outlet or pro-Russian journalist, which is, I can’t see you’re rolling your eyes. It’s exactly what happened to me as well.”
It is important to note that a report from German newspaper Tagesspiegel indicated that Doğru previously worked for Russian-linked news source Redfish Media. After the war in Ukraine broke out, Redfish closed down, and Doğru began a new outlet called Red, which included a number of former Redfish employees. Doğru indicated that the Red outlet, founded in Istanbul, was independent and received support from private individuals and organizations, without providing further details.
Even if this outlet, however, is connected to Russia in some manner, and so far no evidence has been presented in that direction, the EU’s ability to implement such powerful sanctions against an individual without due process should raise concerns for journalists everywhere.
Concerns expressed from many corners
It is not just the far left complaining about these sanctions against Doğru, but a broad political spectrum is taking issue with how they have been implemented. Here is what Berliner Zeitung wrote:
The Doğru case has been causing a stir for months. Critics see the sanctioning of a German journalist as a dangerous precedent for press freedom in the European Union. The criticism is particularly harsh in a legal opinion prepared by former European Court of Justice judge Ninon Colneric and international law professor Alina Miron. The opinion was presented to the European Parliament in the fall and addresses the new EU sanctions regime against so-called disinformation.
The authors conclude that the sanctions constitute a profound infringement of fundamental rights. The measures act like a “civil death” (“mort civile”): assets are frozen, access to banking services is effectively blocked, and the economic capacity of those affected is almost completely eliminated. This not only affects the sanctioned individuals themselves but also has a direct impact on their professional and private lives.
The report states that it is particularly problematic that sanctions are imposed without prior judicial review. Denying the right to a hearing before being placed on a sanctions list is disproportionate and violates European fundamental rights. The damage to freedom of expression and of the press is completely out of proportion to the stated goal of combating disinformation.
In short, the EU took a sledgehammer to this case, and with the other issues such as Central Bank Digital Currencies (CBDCs) and efforts to fight so-called “disinformation,” it is clear that these tools and terms can be weaponied within the EU establishment against any reporting they do not agree with or find to be a threat.
The history of these sanctions
While the main points of this text has been addressed, some readers may be interested in how these sanctions were implemented and their background.
Doğru addresses the history of these sanctions in his interview with Varoufakis.
“How did we come to this point? It’s going to be a little bit technical, like using technical words, but I think for the audience it is very, very important because that did not just happen from nowhere. It technically started with the annexation of Crimea by Russia. So that’s when the European Union created the European External Action Service (EEAS), which was tasked to combat disinformation and Russian influence in Europe.
After around 2018, that body was extended with more rights, which created a kind of like an action plan against this information. And then we first heard like these words, and I think everyone knows that now. It’s like undermining European democracy, the European values, the European project and about strategic threats, and at some point about disinformation.”
He goes on to address terms like “disinformation” and “hybrid threat,” saying these terms were first coined around 2020. He said that disinformation, in particular, does not have to be a lie, but simply information that is categorized as a threat by the EU.
“That means technically information is now categorized by the EU as a threat, as long as it does not serve their benefit. In that case, as long as a journalist does not report on behalf of or for the benefit of the European Union. This might be a protest, that might be, if I criticize in the context of the Ukraine war, Russia and Europe, for example. So it’s kind of militarizing and criminalizing information, and by fighting disinformation and shutting down information, the EU started to use this (term),” he said.
He then delves further into the history of these sanctions and how the Digital Service Act (DSA) raised the stakes because it allows the EU to punish and sanction individuals, including journalists.
So what happened after that is also like the EAS created or introduced the FIMA, I think it is called, the foreign information manipulation and interference. This was very, very unique and very, very important because that gives the EEAS the right to punish, sanction everyone who is also, how should I work that now, involved in, this is very important: non-illegal suspicious behavior. So they say you have maybe a suspicious behavior and it is no illegal but we judge that as a threat to us, and we can’t punish you. That’s what the FIMA says. So this is very important. The only evidence is look at EEAS, look at FIMA. That’s the template for that…And that brings us to the last point, the Digital Service Act.
The Digital Service act says that in a state of emergency, whatever that is, they don’t announce that or explain that, that they technically can sanction, punish or whatever punishment they have in their mind, journalists and information.
Varoufakis closes by addressing how dangerous this threat now is for European citizens and journalists.
“And we need to emphasize this. I’m glad we have Hüseyin (Doğru) here because this innovation by the German government on the one hand and of course the European Commission on the other is a vile and dangerous precedent, as Hüseyin said. Today, they choose to use anti-Russian or Russian related decrees in order to stop a journalist, a German citizen, from writing about Palestine.
Tomorrow, they can do exactly the same thing regarding any issue, any topic that they do not want people to talk about. It could be anything from the investigation of an accident, a railway accident, an airplane crash. Once we have allowed them to use extrajudicial cancellation methods of European citizens, then that is the thin edge of the wedge. And we go back to really before Magna Carta, before Magna Carta. We’re not talking about democracy now in big domains. We’re going, no, we are digging ourselves into a hole, a wormhole that brings us out like a time machine before the time of Magna Carta.”
The UK government has pledged to introduce a digital ID system for all UK citizens and legal residents by the end of the current Parliament (so no later than 2029). The integration of digital ID into government services, though already under way, has hitherto been largely voluntary. However, is is becoming steadily less optional, as the government has said it will now be required as a precondition for work in the U.K, and a version of it (GOV.UK One Login) is already being imposed unilaterally upon company directors throughout the U.K.
Chief Secretary to the Prime Minister Darren Jones has suggested in a recent interview (19/11) that digital ID is completely optional and will simply make government services more accessible and convenient. But this is a rather disingenuous sales pitch. On the one hand, Starmer himself insists that digital ID will be required as a precondition to work legally in the U.K; on the other hand, like any new technology, there will be a transition period, but voluntariness is unlikely to last forever.
Evidently, the government will not immediately require everyone to use a digital ID in their interactions with government agencies. But as digital ID becomes more normalised, it will likely become as compulsory as holding a passport for international travel. Can you really imagine a modern government allowing “hold-outs” to stay in the physical world while digital ID systems become the norm?
Providing citizens with an easy way to seamlessly verify their identity when they access government services may seem like the “efficient” thing to do. However, this apparent efficiency comes at a high price, exposing citizens to significant risks of government over-reach, surveillance, and system failures.
The old “clunky” system, in which there was bureaucratic redundancy and replication and in which physical ID cards had to be shown to access discrete government services made it more difficult for the government to comprehensively monitor and control a citizen’s choices in real time, and meant a single point of failure in the system did not necessarily compromise all of a citizen’s important data, or disable citizens’ ability to access public services.
The problem with universal digital ID overseen by the State is not that a dystopian State will be born overnight, or that all our data will be stolen the day after the scheme is initiated, but that the architecture of authoritarian control will be set in motion, and the potential repercussions of serious data breaches and system failures will be significantly enlarged.
According to a House of Commons Research Briefing, government statements suggest that “there will be no centralised digital ID database.” But as the same briefing points out, civil rights group Big Brother Watch stresses that “even decentralised systems can behave like centralised ones if identifiers link data across platforms.”
The creation of a digital ID system for accessing a wide range of public services clearly poses grave risks of abuse, given the evident conflict of interest of governments who both oversee the architecture of a digital ID system, and have incentives to extend their control over citizens’ lives.
Unlike a traditional physical ID system, in which there is a local gatekeeper who opens the gate to a service based on limited information – typically, a service-specific database – a digital ID system could, in some future iteration, permit a remote gatekeeper to use an AI algorithm to analyze a citizen’s data and history (unlocked by their ID) and ration their access to a service to induce compliance with the government’s preferred policies. This scenario becomes even more plausible given the momentum behind centralised digital currencies, which could offer governments direct leverage over citizens’ income and spending choices.
Do such scenarios seem far-fetched? If the digital ID system is controlled, overseen and effectively programmed by centralised governments and their agencies, and is already intended as an obligatory verification procedure for employment rights, there is certainly no technological impediment to governments extending the logic of digital surveillance and control, through “mission creep,” to other sectors of social life.
For example, just as a government uses digital ID to track someone’s employment history and residency status as a way of corroborating their right to work, surely it could also use digital ID to track someone’s health history or vaccination status as a criterion for the right to, say, attend public venues, use public transport or enter the country?
And if the same digital ID is associated with a “digital wallet” tied to CBDC (Central Bank Digital Currency), then what is preventing a government from capping a citizen’s spending on international travel once they reach their “carbon allowance”? What if a government-regulated digital ID is required for citizens to post content on social media? This scenario, which is far from fanciful, would give governments leverage to restrict “non-compliant” citizens’ social media activities.
So much for the technological feasibility of leveraging a digital ID system to exert ever greater control over citizens’ lives. Now, do we think government officials are so profoundly committed to civil liberties that they would balk at the thoughts of leveraging digital ID programmes to engage in far-reaching forms of surveillance and control over citizens’ lives? We hardly have grounds for optimism, given Western governments’ abysmal track record during the Covid era, when they were prepared to lock down citizens in their homes based on scientifically flimsy theories of disease control, and “make life hell” (to use a loose translation of President Macron’s notorious expression) for citizens who opted out of an experimental vaccine.
Besides the substantial risks of government surveillance and over-reach, there is a very real risk that citizens’ data may be more exposed to cyber-attacks in a more ambitious, integrated and data-rich digital ID system, and that the very ability to access public services may be as fragile as the weakest point in the system.
On the one hand, government-overseen databases, no less than privately managed databases, have notoriously been compromised, time and again, by serious data breaches and leaks over the years. An increasingly complex and wide-ranging system, linking an ever wider pool of citizens’ data, will be sure to attract the interest of international hackers. On the other hand, if and when these systems experience major glitches, such as the recent outage of internet security company Cloudfare that took ChatGPT and X offline, public services may experience major disruptions, if not paralysis. We want resilience, not just efficiency.
There are more and less safe and efficient ways to harness the technology of digital ID. But the development of digital ID systems should be managed by a complex web of service providers who can develop competitive solutions to the technical problems they pose, under a broad legal framework, and reliance on such systems should be maximally voluntary.
We are living through a major crisis of trust in public institutions. Governments have shown themselves to be unworthy stewards of the ship of State, and citizens are right to distrust their intentions and competence. There could hardly be a worse time – and I’m not saying there ever was a good time – to entrust politicians with an ambitious digital ID programme plagued with risks of government surveillance, technocratic over-reach, system failures, and data breaches.
Spain’s struggling socialist Prime Minister Pedro Sánchez has agreed with the far left to push through a mass amnesty for around 500,000 illegal immigrants by royal decree, bypassing parliament and avoiding any binding vote in Congress.
The extraordinary regularization, negotiated between Sánchez’s Socialist Party (PSOE) and the far-left Podemos, is due to be approved by the Council of Ministers on Tuesday. By using a royal decree, the government can impose the measure directly, despite the fact that an almost identical proposal has been stalled in parliament for more than a year due to a lack of majority support.
Under the agreement, illegal migrants who can prove they were in Spain before Dec. 31, 2025, and have remained in the country for at least five months will be eligible for provisional residence and work permits, provided they have no serious criminal record. The moment an application is filed, any deportation or return proceedings will be suspended. If approved, applicants will receive a one-year residence permit, eligible for renewal. Podemos estimates that more than half a million people will benefit.
Podemos figures have openly celebrated the move. As cited by El País, Irene Montero, former equality minister and now an MEP, described the amnesty as an “urgent measure of social justice” and said her party would ensure the process is “swift.”
She claimed the regularization was necessary to protect migrants from what she described as “racist violence” and framed the policy as the granting of rights to people allegedly denied them through “institutional racism.”
The government argues that the decree merely provides legal certainty for an “existing social reality.” Critics, however, have labeled the move undemocratic and catastrophic for the message it sends to illegal immigrants who are still arriving in large numbers.
The amnesty mirrors a Popular Legislative Initiative backed by more than 700,000 signatures, but that proposal has been blocked in Congress for over a year because it lacks sufficient support. Rather than negotiate or abandon it, the executive has opted to force it through without parliamentary oversight.
The decision comes as illegal immigration in Spain has exploded. According to estimates from the Funcas think tank, cited by La Gaceta, the number of undocumented immigrants has risen from about 107,000 in 2017 to nearly 840,000 in 2025, an increase of almost 685 percent. Funcas estimates that illegal migrants now account for 17.2 percent of the non-EU foreign population in Spain. The think tank warns that mass regularizations do not reduce illegal immigration if current entry and legalization practices continue.
Santiago Abascal, leader of Spain’s right-wing Vox party, wrote on X, “500,000 illegals! The tyrant Sánchez hates the Spanish people. He wants to replace them. That’s why he intends to create a pull factor by decree, to accelerate the invasion. It must be stopped. Repatriations, deportations, and immigration.”
Vox MEP Hermann Tertsch, who is also vice-president of the Patriots for Europe group in the European Parliament, accused the government of attempting to import voters, saying, “These criminals want to bring all of Africa to see if they can at least buy the votes of those who don’t know Spanish.”
🔴 Esta maniobra de Sánchez es un atentado directo contra nuestra seguridad y detona un nuevo efecto llamada masivo. Regularizar a medio millón de inmigrantes ilegales es premiar la ilegalidad, un indulto a quienes violan nuestras normas de extranjería y un insulto a los que las… https://t.co/c8Ge7d92W6pic.twitter.com/VZ1EyVzcK7
Migration analyst Rubén Pulido also condemned the move, calling it “a direct attack on our security” that would trigger a new pull factor. “Regularizing half a million illegal immigrants is rewarding illegality, a pardon for those who violate our immigration laws, and an insult to those who respect them,” he said.
Facilitating illegal immigration into the European Union via Spain has become big business, with record numbers arriving on the Canary Islands in recent years, and critics of Sánchez’s move argue this will only entice more to embark on the journey.
Several fraud networks have been uncovered in recent months, linked to fake residence permits and sham marriages to help regularize illegal migrants, including one in October last year, where 12 people were arrested for manufacturing fake family links to legitimize the stay of illegals.
Spain’s immigration crisis is also one of security and public safety, with foreigners disproportionately suspected of criminal offenses. In November last year, the Ertzaintza, the autonomous police force of Spain’s Basque Country, revealed that 64 percent of those arrested for crimes in the region were foreigners, including 68 percent of sexual assault and robbery suspects. This is despite migrants making up 14 percent of the Basque population.
In December, a CEU-CEFAS Demographic Observatory report, titled “Demography of Crime in Spain,” found that foreigners, who make up 31 percent of Spain’s prison population, commit per capita 500 percent more rapes and 414 percent more murders than Spanish citizens. The highest rates are seen among Arabs and Latinos, with many of them hailing from countries in South America known for their extremely high crime rates.
Deutsche Bank Shares Tumble After Offices Raided In Money-Laundering Probe
Wednesday, Jan 28, 2026 – 08:25 AM
Deutsche Bank shares are down over 3% in early trading following reports that German police raided their offices in Frankfurt and in Berlin on Wednesday morning, as part of an investigation into money laundering.
“We confirm that the Frankfurt public prosecutor’s office is on site in our offices,” a Deutsche Bank spokesperson said in an emailed statement.
“The bank is cooperating fully with the public prosecutor’s office. We cannot comment further.”
As Bloomberg reports, the raid is a setback for Deutsche Bank Chief Executive Officer Christian Sewing who is widely credited with turning around the lender and drawing a line under a long period of scandals and losses after taking over almost eight years ago.
The bank has repeatedly been raided in the past.
In 2022, German law enforcement searched Deutsche Bank’s Frankfurt offices as part of an earlier money laundering probe.
In May that year, the German bank and its DWS subsidiary were investigated regardingallegations of greenwashing at the latter.
The investigation — which stemmed from the 2016 so-called “Panama papers” leak — was later dropped, with the lender fined over compliance shortcomings.
Deutsche Bank “has maintained business relationships in the past with foreign companies which, in turn, are suspected of having been used for money laundering purposes as part of further investigations,” the prosecutor’s office said in the statement.
It’s conducting a raid at Deutsche Bank premises in Frankfurt and Berlin to investigate the matter, it said.
The investigation comes a day before the German lender is due to publish its fourth quarter and year-end earnings report.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL TBN LAST 24 HRS
ISRAEL VS HAMAS UPDATES
IRAN UPDATES
Iran Activates Emergency Contingency Plan As Trump Boasts Of “Beautiful” Armada Nearby
Tuesday, Jan 27, 2026 – 07:34 PM
Update(1934ET): FT and others have reported that Iranian President Masoud Pezeshkian has moved to activate emergency contingency plans, aiming to secure critical supplies and ensure continuity of government operations amid fears of renewed US or Israeli attacks, at a moment President Trump has said a “beautiful armada” of US warships, including the USS Abraham Lincoln carrier, has arrived in regional waters. Trump said the following Tuesday evening…
“In June, we obliterated Iran’s nuclear capacity in Operation Midnight Hammer,” he stated. “People had been waiting for 22 years to do that… They were about a month away from having a nuclear weapon. We had to do it.”
“There’s another beautiful armada floating beautifully towards Iran right now,” Trump added, explaining further that he hopes Iran will “make a deal” and “should have made a deal the first time.”
Trump on Iran:
There is another beautiful armada floating beautifully toward Iran right now, so we will see.
The FT report earlier described, “Iran’s president began implementing emergency measures to shore up supplies of essential goods and keep government running in case of new attacks on the country by the US or Israel.” And more:
In a meeting on Tuesday with governors of border provinces, Masoud Pezeshkian issued orders designed to “eliminate redundant bureaucracy and accelerate the import of basic commodities,” according to state media, as cited in the report.
“We are handing over authorities to provinces so that governors can contact the judiciary and officials in other organizations and make decisions themselves,” Pezeshkian said.
* * *
On the one hand there are reports that the Trump administration “is open for business” when it comes to negotiations with Iran. “If they want to talk, and they know our terms, we are open to have a conversation,” a senior US official has told Axios. But on the other, amid this ‘openness’ toward cutting a deal (presumably on the nuclear and ballistic missile fronts), President Trump is said to be weighing a menu of escalation options aimed squarely at forcing regime change in the Islamic Republic, according to fresh regional and US reporting.
Middle East Eye, citing Arab officials, reports that Washington is actively considering direct strikes on senior targets in Tehran. “The US is weighing precision strikes on ‘high-value’ Iranian officials and commanders who it deems responsible for the deaths of protesters, a Gulf official familiar with the discussions told Middle East Eye.”
US Air Force image
The Jerusalem Post reports that another option under discussion is a full blockade of Iranian oil exports – a replay of last year’s Venezuela playbook. That campaign saw Washington impose an embargo, seize oil tankers, and ultimately kidnap Venezuelan President Nicolás Maduro in the Jan.3rd military raid on Caracas.
Treasury Secretary Scott Bessent has emerged as a leading advocate of economic warfare, arguing that collapsing Iran’s economy would create conditions severe enough to trigger an internal uprising against the government, or starve the system until it breaks (as also happened in Iran’s ally Syria). US Treasury days ago began hitting Tehran officials with new protest-related sanctions.
Other senior officials are pushing for a more kinetic approach. Members of Trump’s Cabinet have urged targeted military strikes against Iranian government and military assets, but say these could be limited in scope akin to military action in the June 12-day war involving Israel.
Earlier this month, Trump reportedly held back from striking Iran, citing concerns that the Pentagon lacked sufficient forces in the region to decisively topple the government, also at a moment the US Navy strike force was built up on the southern Caribbean.
But a former US official told Middle East Eye that the odds of a strike are now higher than they were just weeks ago. Currently there’s a major military buildup ensuing across the Middle East, including the deployment of an aircraft carrier strike group (the USS Abraham Lincoln strike group), additional fighter jets, and advanced air defense systems – signaling ‘all options’ are indeed on the table.
Protests is in Iran have long gone quiet, but what has changed? The NY Times reports Tuesday:
President Trump has received multiple U.S. intelligence reports indicating that the Iranian government’s position is weakening, according to several people familiar with the information.
The reports signal that the Iranian government’s hold on power is at its weakest point since the shah was overthrown in the 1979 revolution.
But the dilemma remains as hawks in the administration urge action: “Mr. Trump warned that he could strike Iran as the government’s bloody crackdown on the protests expanded. Still, his advisers have been divided on the benefits of strikes, particularly if they were simply symbolic strikes against elements of the government involved in the crackdown,” The NY Times report adds.
Washington logic: Give them an ultimatum that they’ll never accept anyway and consequently you have the perfect reason to start bombing them…
One anti-Iran think tank hawk, Jason Brodsky, who is Policy Director at United Against Nuclear Iran (UANI), writes that “Iran’s regime wants a JCPOA-like deal. It is highly unlikely Khamenei will agree to the terms America is demanding because it would basically amount to a form of regime change. But the Islamic Republic will try and lead the U.S. on to think it will negotiate meaningfully to avoid an attack and entrap the U.S. in endless negotiations.”
But we should note that Tehran also has little reason to ever trust Washington, given the original JCPOA was collapsed when the first Trump administration unilaterally pulled out of it.
END
IRAN/USA/SAUDI ARABIA UAE
War Drums In Gulf: US Armada Arrives As Saudi Arabia, UAE Deny Airspace Access
Wednesday, Jan 28, 2026 – 09:25 AM
Things between Tehran and Washington are moving fast according to an eerily familiar pattern hearkening back to the lead-up to the 12-day June war, when there was some wrangling over negotiations – and talk of good faith efforts at dialogue – just before the US greenlighted a surprise Israeli attack which also saw US entry into the conflict by the close of it (whereupon nuclear facilities were hit by American bombers).
“Our stance is clear,” Iran’s Foreign Minister Abbas Araqchi said Wednesday as the US has expressed the desire to strike a deal. “Negotiations don’t go along with threats, and talks can only take place when there are no longer menaces and excessive demands.”
IRAN SAYS WILL RESPOND TO US ‘LIKE NEVER BEFORE’ IF PUSHED
IRAN SAYS READY FOR TALKS WITH US BASED ON MUTUAL RESPECT
OIL PARES GAINS AS IRAN SAYS ITS READY FOR TALKS WITH US
Araqchi confirmed his country has had no recent communication with US special envoy Steve Witkoff and has not sought talks with Washington. President Donald Trump said Tuesday that another US “armada” was moving “beautifully” toward Iran, but he hoped Tehran would ultimately strike a deal and avoid conflict.
The Iranian FM noted, however, that unnamed intermediaries were “holding consultations” and remained in touch with Iranian officials.
Separately, Iranian President Masoud Pezeshkian told Saudi Crown Prince Mohammed bin Salman on Tuesday that Tehran supports any process “within the framework of international law” that helps avert war. The Saudis have joined the UAE in declaring that the US cannot use its airspace for aggression against Iran.
This shouldn’t pose too big a challenge for the Pentagon, however, which has a build-up of assets at its Qatar base and with a carrier group near Iran in regional waters.
But The Wall Street Journal disagrees, saying this could be a significant setback if the White House wishes to pursue war plans:
The declarations from the two Gulf states represent a foreign policy setback for the Trump administration as it seeks to ratchet up pressure on Tehran, which has defied Washington’s demand that it halt uranium enrichment and end the suppression of protesters.
Crown Prince Mohammed bin Salman, the kingdom’s de facto leader, outlined his country’s position while talking by phone with Iranian President Masoud Pezeshkian.
A Saudi readout of the Tuesday call said the crown prince had stressed that the kingdom “will not allow its airspace or territory to be used for any military actions against Iran.”
Previously, during Monday remarks, President Trump said “They want to make a deal. I know so. They called on numerous occasions. They want to talk.” He added ominously, “We have a big armada next to Iran. Bigger than Venezuela.”
US forces stationed across the Middle East are also meanwhile taking part in large-scale war games aimed at showcasing combat readiness, as Washington ramps up its military footprint, and as Trump is presented with an array of ‘options’. All of this supposedly steps from Washington ‘concern’ for large-scale protests from earlier this month, where thousands died – but which also included the deaths of police and security services.
In a statement which kicked off the week, US Central Command said: “Ninth Air Force will be conducting a multi-day readiness exercise to demonstrate the ability to deploy, disperse, and sustain combat airpower across the Central Command (CENTCOM) area of responsibility.”
President Trump issued the following “time is running” out message Wednesday morning:
The command added that “this exercise is designed to enhance asset and personnel dispersal capability, strengthen regional partnerships and prepare for flexible response execution throughout CENTCOM.”
The sweeping drills are unfolding against the backdrop of sharply rising tensions with Tehran in which an oil blockade and potential strikes on senior officials in the Islamic Republic are being considered. But in terms of blockades, two can play at that game, as the Strait of Hormuz remains among the most vital waterways for the global market, and the IRGC has threatened that its forces can shut it to international transit.
IRAN/USA
US deports three former members of Iran’s IRGC who entered illegally, DHS says
The DHS named the three Iranians as Ehsan Khaledi, Mohammad Mehrani, and Morteza Nasirikakolaki.
Former IRGC members (L-R) Ehsan Khaledi, Mohammad Mehrani, Morteza Nasirikakolaki(photo credit: DEPARTMENT OF HOMELAND SECURITY)BySAM HALPERNJANUARY 28, 2026 09:27Updated: JANUARY 28, 2026 10:01
The United States deported three former members of Iran’s Islamic Revolutionary Guards Corps (IRGC) who entered the US illegally in 2024, the Department of Homeland Security stated on Tuesday.
The IRGC, designated as a terrorist organization by the US during US President Donald Trump’s first term in 2019, is also considered a terror organization by Israel and a growing number of other countries. On Thursday, Italian Foreign Minister Antonio Tajani is set to propose that the European Union also consider it such.
The DHS named the three Iranians as Ehsan Khaledi, Mohammad Mehrani, and Morteza Nasirikakolaki.
According to the department, Mehrani entered the US illegally in southern California in September, 2024. Kheladi illegally entered through the same area a month later. Nasirikakolaki illegally entered the US in November of that year before encountering Border Patrol agents near San Luis, Arizona.
Trump admin. deports 14 Iranians
The announcement comes after a source told CNN on Monday that the Trump administration had deported 14 Iranians, the first such deportation since the protests in the Islamic Republic broke out a month ago.
U.S. President Donald Trump points a finger as he speaks during a roundtable on antifa, an anti-fascist movement he designated a domestic ”terrorist organization” via executive order on September 22, at the White House in Washington, D.C., U.S., October 8, 2025. (credit: REUTERS/Evelyn Hockstein)
Previously, a White House official was quoted by CNN as saying that “any individuals being deported would have Executable Final Orders, meaning a federal judge has ordered their removal from the United States.”
Two of those who had been deported were gay men who face “an extremely high chance” of being executed if they return to Iran, their lawyer, Bekah Wolf, told CNN.
“If you care about the people, please let us stay,” one of the men beseeched US President Donald Trump, speaking to CNN anonymously. “We are not bad human beings. We love this country. If we could live in this country, we will love it more than we love our homelands because our homeland is captured. It’s ruined. It’s destroyed by the government of Iran… We came to this country for safety.”
END
IRAN/ISRAEL
Iran Executes Suspected Israeli Spy In High-Stakes Act Of Defiance
Wednesday, Jan 28, 2026 – 11:25 AM
After stern warnings from President Trump, Iran has made clear it is not executing any protesters in the wake of the raging demonstrations and deadly unrest across Iranian cities which took place and grabbed world headlines earlier this month.
Trump had earlier claimed that Iran was going to execute 800, a figure that Iranian officials immediately rejected and scoffed at. Indeed it’s unclear where the 800 number came from, and was probably floated by one of the anti-Tehran opposition groups based in Washington or Europe.
All of this back-and-forth aside, Tehran has made clear it will proceed with carrying out existent death row cases, especially related to the June 12-day war with Israel, during which time its security services rounded up dozens or possibly hundreds of Iranians alleged to be cooperating with Mossad or other foreign intelligence as assets.
So far some dozen people have been executed after being charged with espionage, connected to the events of last summer as well as its lead-up, and another one happened Wednesday, per international press reports and Iran state media:
Iran on Wednesday executed a man arrested in April 2025 on charges of spying for Israel’s espionage agency Mossad, the judiciary said.
Hamidreza Sabet Esmailpour, who had been convicted of passing information to a Mossad agent, was hanged at dawn, the judiciary’s Mizan news agency said.
Some in Washington and Tel Aviv might see this as a direct challenge to Trump, at a moment he has boasted of a “beautiful armada” parked in regional waters. He’s also freshly warned Iran that “time is running out.”
Still, Iran’s judiciary proceeded, confirming Wednesday in a statement: “Hamidreza Sabet Esmaeilipour who was arrested on 29 April 2025, was hanged for the crime of espionage and intelligence cooperation in favor of a hostile intelligence service (Mossad) through… the transfer of classified documents and information, after the verdict was confirmed by the Supreme Court and through legal procedures.”
The Islamic Republic likes to set examples, and so tends to widely publicize hangings like this, which is another reason why the prior referenced Trump claims of 800 set to be executed seems wildly exaggerated if not fabricated out of thin air.
Public executions have been a reality in Iran going all the way back to the Islamic Revolution of 1979, in which time (and since) people could be seen hanging from cranes in the capital city.
Recently, it has become clear that Israel was engaged in a massive spying and espionage campaign to pave the way for its ‘Operation Rising Lion’ – which is intent on destroying Iran’s nuclear energy program, and possibly even accomplishing regime change. Some Israeli officials have actually publicly boasted of this.
END
IRAN/USA
ISRAEL/HAMAS
Hamas will only discuss disarmament after Rafah Crossing opens, sources tell ‘Post’ – exclusive
The crossing will be run by Palestinian personnel who are not affiliated with the Palestinian Authority and do not wear PA uniforms, alongside European Union observers from the EUBAM mission.
Hamas terrorists stand at a site as Hamas says it continues to search for the body of the last deceased hostage, in Gaza City December 8, 2025.(photo credit: REUTERS/DAWOUD ABU ALKAS)ByAMICHAI STEINJANUARY 27, 2026 20:10
Discussions over disarming Hamas are expected to begin only after the reopening of the Rafah Crossing, two sources familiar with the matter told The Jerusalem Post.
According to the sources, a Palestinian technocratic administration in Gaza is slated to lead negotiations with Hamas regarding disarmament. “The idea is that Palestinians will negotiate with Palestinians,” one of the sources said.
In the meantime, preparations to reopen the Rafah Crossing continue. This follows the recovery and repatriation of the body of the last abducted Israeli hostage, Ran Gvili.
The crossing will be run by Palestinian personnel who are not affiliated with the Palestinian Authority and do not wear PA uniforms, alongside European Union observers from the EUBAM mission.
View of the Rafah Border Crossing in Rafah, in the southern Gaza Strip, on July 15, 2024. (credit: Oren Cohen/Flash90)
Hamas refuses disarmament talks until Rafah Crossing opens
Although earlier reports anticipated the crossing would open as early as Wednesday, both an Israeli official and a Western diplomat told the Post that Thursday is now the earliest likely date.
“There is a chance it might not happen until early next week,” the pair added.
Once operational, the Rafah Crossing will be restricted to civilian entry and exit. On the Gaza exit side, Shin Bet (Israel Security Agency) will implement screening procedures to verify the identities of those leaving.
On the entry side, Israel will maintain an additional inspection point a few meters from the crossing to conduct security checks, aimed at preventing the smuggling of weapons or materials that could bolster Hamas’s operational capabilities.
Senior US officials said Tuesday that Gaza’s reconstruction would move forward only if Hamas agrees to disarm.
“The ball is in Hamas’s court — they are the ones preventing Gaza’s rehabilitation and a better future for its people,” the officials told reporters.
END
RUSSIAN VS UKRAINE UPDATES
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
Sports photog Peter Read Miller; TV’s “Uncle Floyd”; baseballer Rob Maurer; filmmaker William Gazecki; bodybuilder Jason Lowe (38); wrestler Rick Link; daughter of L.A. mayoral candidate (22); & more
Legendary Sports Photographer Peter Read Miller Passes Away
January 20, 2026
Legendary sports photographer Peter Read Miller passed away earlier this month in his sleep at his Manhattan Beach, California, home. Miller was 78 years old. Miller is one of the most accomplished and prolific sports photographers in history, with his photos gracing the cover of Sports Illustrated over 100 times during his long career.
Researcher’s note - According to his website, Miller’s last sports photo workshop was in January 2025.
Legendary New Jersey entertainer “Uncle Floyd” Vivino passes away at 74
January 22, 2026
Floyd Vivino, widely known as “Uncle Floyd”, has died at 74, leaving behind a legacy as a comedian, musician, and television figure who became a fixture of New Jersey culture. His brother Jerry revealed the news on social media, citing, “Rest in peace big brother. You will be missed, but always remembered by friends, family and your loving fans.” Popular for The Uncle Floyd Show, which broadcasted from 1974 to 2001, Vivino entertained viewers with music, comedy, and offbeat charm. Uncle Floyd had encountered health challenges over the past two and a half years, and his Facebook page currently features only an image of him with the inscription: “Uncle Floyd Vivino, 1951-2026.”
One of the top prospects in a talented Texas farm system in the early 1990s died unexpectedly at his home Wednesday. Rob Maurer, 59, played 21 games for Texas across the 1991 and 1992 seasons — the beginning of a decade that saw the Rangers win three division titles, and a postseason game, for the first time in franchise history.
Los Angeles, CA – William Gazecki unexpectedlypassed away on January 11th at the age of 69. He is remembered for his early career as a recording artist who toured with Joe Cocker and co-produced The Rose soundtrack. He was an Emmy Award–winning producer and Academy Award–nominated documentary filmmaker.
IFBB Pro Bodybuilder Jason Lowe Has Passed Away At 38
January 23, 2026
Jason Lowe, who competed on the biggest stages in the sport during his career, suffered a heart attack. The news was shared his his wife, Ashley, on Thursday, January 22, 2026. The suddendeath of Lowe is one that has hit the bodybuilding world hard and many competitors have shared condolences. According to RXMuscle, Lowe was training in his garage when he dropped. An autopsy has not been done yet so there is no officialcause of death. Jason Lowe began his bodybuilding career over a decade ago. He competed as recently as 2025 and shared a training video on social media the day before his death.
Wrestler who famously beat Jerry ‘The King’ Lawler dead at 66
January 20, 2026
Rick Link, a former professional wrestler who largely competed in the American South, has passed away at the age of 66. Link had been on dialysis over issues with his kidney, but made the decision to stop his treatments weeks ago. At the height of his career in the 1970s and 80s, Link competed in the NWA as well as the ICW, AWA, Georgia Championship Wrestling, Jim Crockett Promotions and the IWA among other companies. Most notably, Link defeated wrestler and future WWE legend and commentator Jerry ‘The King’ Lawler for the Southern Championship.
Daughter, 22, of LA mayoral candidate challenging Karen Bass suddenly dies
January 22, 2026
The 22-year-old daughter of the Los Angeles mayoral candidate running against Karen Bass has tragically died. Austin Beutner’s daughter, Emily, died at a hospital in LA on January 6, according to LA County Medical Examiner records. Her cause of death has been listed as ‘deferred’ pending further investigation by the medical examiner. The Democrat, who previously served as the first deputy mayor of Los Angeles, shared his unimaginable grief following the loss of his child.
Crux editor, veteran Vatican journalist John Allen loses battle with cancer
January 22, 2026
John Allen, the editor-in-chief of Crux whose decades-long career in journalism defined him as one of the authoritative voices on the Vatican and the Catholic Church, has died at the age of 61. Allen passed away in Rome Jan. 22, after battling cancer since 2022. In February 2025, Allen updated readers on his cancer diagnosis and asked them to keep him in their prayers. “Never in my life have I believed more in the power of intercessory prayer than I do right now,” he said.
Researcher’s note - The Catholic Church strongly encourages COVID “vaccination”.
American chess grandmaster Daniel Naroditsky died of lethal drug cocktail
January 20, 2026
American chess grandmaster Daniel “Danya” Naroditsky’s cause of death has been attributed to a lethal drug cocktail, just three months after the prodigy died suddenly at age 29. The World Chess Champion, who died on Oct. 20, succumbed to a lethal drug cocktail of methamphetamine and amphetamine, as well as mitragynine, which has opioid-like effects, the North Caroline Office of the Chief Medical Examiner confirmed to TMZ on Tuesday. A fixture in global rankings for traditional chess, Naroditsky as an adult was regularly amongst the top 25 for blitz chess. He died less than three months after winning the U.S. Open National Blitz Championship in early August 2025.
Concord resident, candidate for North Carolina House dies unexpectedly, officials say
January 26, 2026
Concord, NC – Kim Delaney, a Democratic candidate for the North Carolina House District 73, died unexpectedly around 2:05 p.m. on Monday, Jan 26, according to officials.
Wimmer’s death brings tributes, plus a scramble to fill his judge seat
January 22, 2026
Waukesha, WI – Waukesha’s municipal judge Steve Wimmer, 68, died suddenly following a heart attack on Jan. 8, ironically just two days beyond the filing deadline for spring 2026 local elections.
NAACP Rockford Branch president leaves ‘lasting legacy’
January 20, 2026
Family and friends are mourning the loss of NAACP Rockford [IL] Branch president George Scott, a tireless community advocate who died suddenly Jan. 17 at age 63.
Researcher’s note – The NAACP strongly encouraged COVID “vaccination”, and played a key role in generating trust for the COVID “public health” measures: Link
Beloved Enfield Doctor Dies Suddenly, Leaves Behind His Wife And 2 Young Sons
January 23, 2026
ENFIELD, CT — A well-known Enfield physician died suddenly earlier this month, and his family is now seeking community support to help navigate the aftermath of his unexpected death. According to a GoFundMe campaign organized by his brother, Dr. Gerard Pregenzer, 47, suffered suddencardiac arrest on Monday, Jan. 12. Pregenzer was a urologist and the head of Pregenzer Urology, an independent medical practice serving patients in the Enfield area.
Medway nurse, foster mom of 20+ kids passes away after courageous battle with cancer
January 26, 2026
A Medway [MA] nurse who has beloved in her community and who fostered 20 children born addicted to drugs, passed away after an extended battle with cancer on Monday, her family tells Boston 25 News. Shelly Sepulveda had been battling cancer for two years and was recently surprised by the New England Patriots with tickets to Super Bo
NOT impede, attack, harm, shoot, do any actions against ICE agents in any manner, you will be held accountable; protestors MUST stop attacking ICE, ICE needs local enforcement help NOW! this is issue
‘Obama wrote: ‘The killing of Alex Pretti is a heartbreaking tragedy. It should also be a wake-up call to every American, regardless of party, that many of our core values as a nation are increasingly under assault.’
Trump said his administration will investigate Pretti’s fatal shooting, as he signaled a willingness to withdraw immigration enforcement officials from Minneapolis.
‘We’re looking, we’re reviewing everything and will come out with a determination,’ Trump told the Journal. ‘At some point we will leave.’’
You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.
END
NEWSWIZE
Newly Revealed Details Alter Narrative in Deadly Minneapolis ICE ShootingAlex Pretti, the 37‑year‑old Minneapolis ICU nurse who was fatally shot by Border Patrol agents on Saturday, had been involved in a prior run‑in with federal law enforcement just one week earlier, sources told CNN and other outlets.According to CNN, Pretti suffered a broken rib following an encounter with Immigration and Customs Enforcement (ICE) officers after a protest against federal …READ THE FULL REPORTFederal Judge’s Hidden Ties Spark Scrutiny in High-Stakes Immigration Case: ReportA federal judge in Minnesota, Patrick J. Schiltz, chief of the U.S. District Court for the District of Minnesota, is under new scrutiny after records revealed prior involvement with a left-leaning organization that provides legal aid to illegal aliens, according to Fox News.Schiltz was listed in 2019 as a donor and volunteer for the Immigrant Law Center of Minnesota, a …READ THE FULL REPORTWATCH: Ilhan Omar Sprayed With Unknown Substance At Town Hall EventU.S. Rep. Ilhan Omar (D-MN) was interrupted and allegedly sprayed with an unknown substance while speaking at a town hall meeting on Tuesday. The incident occurred while Omar, who represents Minnesota’s 5th District, was speaking to constituents at the podium. Mid-event, a man approached the podium and appeared to spray her with an unknown substance. Video footage captured the moment …READ THE FULL REPORTREPORT: Alex Pretti Was Known to Federal Agents Before Fatal Border Patrol ShootingFederal agents were reportedly familiar with Minneapolis ICU nurse Alex Pretti prior to his fatal encounter with U.S. Border Patrol officers, according to a new report citing sources with knowledge of federal immigration enforcement operations. CNN reported that Pretti’s name had been entered into federal systems before he was shot and killed during a Border Patrol operation in Minneapolis on …READ THE FULL REPORTTrump Admin Gains Upper Hand as Court Delivers Major VictoryA federal appeals court on Monday issued an indefinite stay of a lower-court order that had limited how Immigration and Customs Enforcement (ICE) officers handle protesters in Minnesota, giving the Trump administration a legal victory amid ongoing demonstrations across Minneapolis.The 8th U.S. Circuit Court of Appeals blocked U.S. District Judge Katherine Menendez’s Jan. 16 injunction, which had barred federal officers …
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
EU–RUSSIA–USA
EU ‘Celebrates’ Replacing One Massive Energy Dependency With Another One
Wednesday, Jan 28, 2026 – 02:45 AM
EU member states on Monday finally signed off on a legally binding ban on Russian gas imports, locking in a hard deadline to sever the bloc’s remaining dependence on Russian energy flows by late 2027.
The move turns Brussels’ long-running pledge to cut Moscow energy loose into enforceable law, nearly four years after Russia’s full-scale invasion of Ukraine, or what Putin calls the Special Military Operation, which has still not been legally declared by Russia to be an official state of war.
Under the deal, the EU will shut the door on all Russian liquefied natural gas (LNG) imports by the end of 2026, followed by a complete ban on pipeline gas by September 30, 2027.
A limited escape hatch was built in for those countries struggling to replace Russian supply and fill storage ahead of winter. These can push the pipeline cutoff to November 1, 2027.
Before 2022, Russia accounted for more than 40% of the EU’s gas supply – a figure which has fallen to roughly 13% by 2025. But there’s still a sizeable gap between Brussels’ political messaging and the bloc’s actual energy behavior. As Reutersreports:
Last month, the five biggest EU importers spent 1.4 billion euros ($1.66 billion) on Russian energy, mostly on gas and LNG, data from the non-profit Centre for Research on Energy and Clean Air showed. Hungary was the biggest buyer, before France and Belgium.
Here’s how the president of the European Parliament, Roberta Metsola, announced the ban Tuesday: “We have just signed the ban on Russian gas into law. Europe is securing control of our energy supply and strengthening our autonomy.”
There’s only one obvious problem in all this from a supposed European ‘energy independence’ perspective, summarized well in the following:
Another commenter, a European libertarian, reacted as follows:
What an idiot stooge, willing to do anything for power. This is the tragedy of Europe: with such a “leadership” we assure our continued submissiveness to the US.
And journalist Mark Ames roundly mocks these new ‘boasts’ EU energy freedom in the following remarks, and invoking the Greenland crisis, on the below clip:
Danish PM bragging how they swapped out their dependence on cheap Russian gas, which posed a theoretical threat, for dependence on expensive US gas, a direct existential threat to Denmark. Must be that high European IQ that race science weirdos rave about.
Danish Prime Minister Mette Frederiksen:
I think, or I hope, that all Europeans can now see that it was a huge mistake to be dependent on Russian fossil fuels. We should never have been.
And now we have to make sure that we will have no dependencies on other countries outside… pic.twitter.com/J9o6c0HXYe
“We’ve replaced one massive dependency with another one,” Henning Gloystein, a managing director for energy at Eurasia Group, told The NY Times. “That looked fine three years ago, but now it doesn’t.”
That same Tuesday NYT report points out that soon after the Feb.2022 Russian invasion of Ukraine, “The United States came to the rescue. Tankers loaded at U.S. terminals shipped large volumes of liquefied natural gas to European ports in the Netherlands, France and Belgium, among other destinations, helping to replace the Russian fuel and calming markets.”
And the report follows with this epic and ironic line, highlighting the elephant in the room: “Not long ago, those gas flows looked heroic. Now, they are raising eyebrows. Since beginning his second term, President Trump has sought to use trade as leverage in disputes with other countries, including his recent push to take over Greenland.”
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA
Langley Plants The Flag: CIA Takes Point In Post-Maduro Venezuela
Wednesday, Jan 28, 2026 – 05:45 AM
The CIA is “quietly working” to establish a permanent footprint inside Venezuela to shape the country’s post-Maduro trajectory, according to a CNN report Tuesday – or rather it’s not-so-quietly, with sources saying Washington intends to run Caracas much the way it penetrated Ukraine after 2014.
While the State Department is planning an eventual reopening of a formal US embassy, setting up a CIA annex has been elevated to “priority number one,” an unnamed US official told CNN – though there are serious questions as to why the agency would want to advertise this all over CNN.
From that base, agency operatives would engage with the interim government of Delcy Rodríguez, cultivate opposition factions, and “target third parties who may be threats,” according to the source.
“Before diplomatic channels the annex can help set up liaison channels… that will allow conversations that diplomats cannot have.”
In other words, the intelligence apparatus moves first, with formal diplomacy to follow. According to the unnamed official:
“State plants the flag but CIA is really the influence,” one source familiar with the planning process told CNN, noting the agency’s near-term objectives include setting the stage for diplomatic efforts – including relationship building with locals – and providing security.
Of course, no thinking person was entertaining any illusions that it would be anything less than a Langley outpost in Latin America. This is par for the South American course.
CNN notes, “The US has routinely sent CIA directors or top intelligence officials to have sensitive meetings with world leaders to discuss sensitive matters that are based on US intelligence collection.”
However, President Rodríguez (former VP, now US-backed) has publicly pushed back against Washington this week in a rare first since the US military invasion and overthrow of Nicolás Maduro, asserting she has had “enough” of US directives.
While President Trump has declared that Washington would effectively “run” Venezuela, he later endorsed Rodríguez as a temporary caretaker during the transition, despite her being as hardcore a Leftist pro-Maduro figure as anyone.
“Enough already of Washington’s orders regarding politicians in Venezuela,” she had said days ago.
Among the first US actions has been to cut off Venezuela’s oil supply to nearby ally Cuba, which threatens to sink the island-nation’s economy further, after it has endured many decades of Washington sanctions.
Despite this big talk of distancing herself from American interests, Rodríguez warmly greeted CIA Director John Ratcliffe this month, and there was even a photo op. Ratcliffe, as the first top US official to meet with her in the wake of the Jan.3rd military operation, reportedly delivering Trump’s conditions for resetting relations.
Reporter: The President of Venezuela says she has stopped taking orders from you. What do you say?
Trump: I don't know exactly what's going on there, but I haven't heard that at all.
The fact that she has even remained in power this long suggests that she is playing ball behind the scenes, and that any anti-American public declarations are primarily for Venezuelan domestic consumption.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1986 DOWN 0.0036 PTS OR 36 BASIS POINTS/WITH STOCKS IN EUROPE ALL RED
USA/ YEN 152.13 UP 0.132 NOW TARGETS INTEREST RATE AT 1.75% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN DEC 2024/Bank of Japan raises rates by .25% TO 1.75 ..TAKAICHI NEW PM AS YIELDS RISE//JAPAN DEEPLY IN TROUBLE WITH RISING RATES AND A FALLING YEN!!
GBP/USA 1.3757 DOWN 0.0039 OR 39 BASIS PTS
USA/CAN DOLLAR: 1.3560 DOWN 0.0028 CDN DOLLAR UP 28 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 11/33 pts or 0.27%
Hang Seng CLOSED UP 699.96 PTS OR 2.58%
AUSTRALIA CLOSED DOWN 0.36%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 699.96 PTS OR 2.54%
/SHANGHAI CLOSED UP 11.33 PTS or 0.27%
AUSTRALIA BOURSE CLOSED DOWN 0.36 %
(Nikkei (Japan) CLOSED UP UP 289.40 PTS OR 0.56%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 5274.70.
silver:$112.50
USA DOLLAR VS TRY: 43.41
USA DOLLAR VS RUSSIAN ROUBLE: 76.10 ROUBLE// UP 8 BASIS PTS
UK 10 YR BOND YIELD: 4.5290 UP 1 BASIS PTS
UK 30 YR BOND YIELD: 5.2770 UP 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.433 UP 4 BASIS PTS
CDN 5 YR BOND YIELD; 2.938 UP 4 BASIS PTS
USA dollar index early WEDNESDAY morning: 96.93 DOWN 13 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.201% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.210% DOWN 3 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.635 DOWN 3 BASIS PTS//DIASTER
SPANISH 10 YR BOND YIELD: 3.210 DOWN 2 in basis points yield
ITALY 10 YR BOND: 3.458 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8524 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1959 DOWN 0.0064 OR 64 basis points
USA/Japan: 152.78 UP 0.297 OR YEN IS UP 137 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.5510 UP 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.289 UP 2 BASIS POINTS.
REAR VIEW: Fed holds rates as expected with an improved outlook on economic growth; Bessent says Trump Fed Chair pick announcement may come in the next week or so; Trump warns Iran of a far worse attack if no deal reached; Iran says response if attacked will be immediate and unprecedented; Bessent downplays USD/JPY intervention speculation, reiterates strong USD policy; BoC holds rates as expected; Hotter-than-expected Aussie inflation; SK Hynix tops earnings expectations; ASML slips despite strong earnings.
COMING UP: Data: Japanese Consumer Confidence (Jan), Tokyo Core CPI (Jan), Retail Sales (Dec), Swedish GDP (Dec), Spanish Retail Sales (Dec), EZ M3 (Dec), US Jobless Claims, Chicago Fed Labour Market Indicators (Jan). Events: Riksbank Policy Announcement, CBRT Minutes (Jan), SARB Policy Announcement. Speakers: Norges Bank’s Bech-Moen; Riksbank’s Thedeen; ECB’s Cipollone. Supply: Italy, US. Earnings: Apple, SanDisk, Visa, Western Digital, Mastercard, Caterpillar, Nasdaq, Blackstone, Lockheed Martin, SAP, Sanofi, ING, Deutsche Bank, H&M.
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MARKET WRAP
US indices were eventually mixed on Wednesday, while sectors saw downside bias as Real Estate and Health lagged, as the latter extended on Tuesday’s pronounced losses. Energy and Tech sat atop of the pile, with the former buoyed by gains in the crude complex amid punchy Trump remarks on Iran, while Tech saw strength ahead of Mag-7 earnings after-hours. The key risk event during the session was the FOMC and accompanying Chair Powell press conference, which largely went as expected and saw little market move. The Fed held rates between 3.5-3.75%, as expected, albeit within two dissenters (Waller, Miran), who voted for a 25bps reduction. BoC was also largely a non-event, with little move on CAD (more below). In FX, the Dollar pared some of its recent weakness, with the EUR, CHF, and JPY all seeing notable losses. The Yen noticed a strong bout of selling after US Treasury Secretary Bessent said “we are absolutely not intervening in USD/JPY currently” and “US does not speculate on interventions; Has always had a strong USD policy.” Back to the energy space, which rose after Trump said that a massive Armada is heading to Iran, time is running out to make a deal, and the next attack will be far worse. For fixed income markets, long-end yields ticked higher as the Fed’s decision to hold rates does little to shift markets. Lastly, recapping some of the earnings today, ASML (ASML, -2.2%) topped quarterly expectations, alongside a strong order metric and guidance, though the initial move higher pared as some cited profit taking. Meanwhile, Seagate (STX, +19.1%) left sentiment still very bullish on memory names after a stellar earnings report driven by robust AI-driven demand for data storage (MU +6.1%, WD +10.7%).
CENTRAL BANK REVIEWS
FOMC STATEMENT: The Fed left rates unchanged at 3.50-3.75%, as expected, in a 10-2 vote split, with Governors Miran and Waller calling for a 25bps reduction (Miran had previously voted for a 50bps cut in December, atlhough in recent remarks said the need to dissent with a 50bps cut has become somewhat less). The January statement revised the economic assessment by replacing “economic activity has been expanding at a moderate pace” with “expanding at a solid pace”, “job gains have slowed this year” with “job gains have remained low”, and “the unemployment rate has edged up” with it having “shown some signs of stabilisation”; “inflation has moved up since earlier in the year and remains somewhat elevated” is simplified to “inflation remains somewhat elevated”. In its risk characterisation, December’s addition that the Committee “judges that downside risks to employment rose in recent months” is removed, leaving only that it is attentive to risks to both sides of the mandate. Balance-sheet guidance states that “reserve balances have declined to ample levels and [the Committee] will initiate purchases of shorter-term Treasury securities”, is omitted entirely. The voting members include a new voting composition, and dissents: December’s dissent split between one member favouring a 0.50ppts cut (Miran) and two preferring no change, is replaced in January by two dissenters preferring a 0.25ppts cut (Miran, Waller). The language of the statement tilts a little more positive on the economy and jobs, and broadly unchanged on inflation. Heading into the announcement, traders were attentive for any remarks about the future policy path; however, the statement doesn’t offer any immediate clues. Markets were little changed in wake of the announcement. Traders will look to Chair Powell’s press conference for potential signals, and additionally will also be attentive to the possibility that the Trump administration is getting closer to announcing its next Fed Chair soon.
POWELL PRESS CONFERENCE: Traders looked to Chair Powell’s post-meeting press conference for guidance on the future path of interest rates, but he offered little new information. Powell acknowledged an improvement in incoming economic data and reiterated that policy decisions will continue to be made on a meeting-by-meeting basis, guided by the data and the balance of risks. He said there was broad Committee support for holding rates, with no participant viewing a hike as their base case. Policy was described as well-positioned, with rates within a plausible neutral range, but towards the higher end. Powell noted that the December SEP showed most policymakers still expect further normalisation ahead. On the economy, Powell said activity is expanding at a solid pace and that growth remains on a firm footing, having shown notable resilience despite significant trade policy changes. He said incoming data since the last meeting has clearly improved the outlook, leaving the Committee more optimistic than at the time of the December SEP. However, he cautioned that quarterly GDP figures can be volatile and argued that labour market data provides a more reliable signal. The earlier divergence between strong growth and a weakening labour market may have reflected productivity gains and now appears to be resolving as labour conditions stabilise. Distortions from the government shutdown are no longer material and should unwind this quarter. Powell warned, however, that the US fiscal path is unsustainable and will need to be addressed. Inflation has evolved broadly as expected but remains somewhat elevated. Powell said there was no progress on core PCE inflation last year, with the overshoot largely driven by goods prices, tariffs and one-off factors rather than demand. Goods and tariff-related inflation are expected to peak around mid-year, with many effects already passed through. He added will see the tariff effect on goods pricing peaking over this year, and if the Fed sees that, that would tell the Fed it can loosen policy. He said December core PCE inflation was likely around 3.0% and headline around 2.9%. Short-term market-based inflation expectations have fully retraced since “Liberation Day”, while longer-term measures suggest confidence that inflation will return to 2%. Powell said the labour market has weakened alongside solid growth, but recent data suggests stabilisation following a period of cooling. Job gains remain subdued, and while risks to employment have diminished, they have not disappeared, making it difficult to judge whether the dual mandate is fully in balance. Consumer spending remains resilient but uneven across income groups, with a disconnect between weak survey data and stronger realised spending. Asked about the USD and gold prices, Powell said the Fed does not comment on the currency and does not take signals from gold. He strongly defended central bank independence, warning that any loss of credibility would be difficult to reverse. He said the Fed remains fully committed to its independence, adding jokingly that future Chairs should avoid domestic politics. More seriously, he described the case involving Governor Cook as potentially among the most important in the Fed’s legal history. Powell declined to comment on whether he intends to remain a Governor after his term as Chair ends.
BOC: The BoC delivered a widely expected decision, holding rates steady at 2.25%. Changes to the statement were minor. The central bank said it remains focused on keeping inflation close to its 2% target while supporting the economy through a period of structural adjustment, adding that the current policy rate remains appropriate provided the economy evolves broadly in line with the outlook published in its updated projections. In the MPR, GDP projections were little changed, with 2026 growth kept at 1.1% and 2027 revised to 1.5% from 1.6%. On inflation, the headline Y/Y forecast was trimmed to 2.0% from 2.1%, while the 2027 projection was unchanged at 2.1%. The neutral rate estimate was maintained at 2.25–3.25%. Governor Tiff Macklem said elevated uncertainty made it difficult to predict the timing or direction of the next policy move. The subsequent press conference with Macklem and Deputy Governor Rogers added little, with Macklem noting it was hard to assign probabilities to risks to the outlook, citing unpredictable US trade policy and geopolitical risks. The reaction in the CAD and government bonds was muted.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 5 TICKS LOWER AT 111-20+
Long-end yields tick higher as the Fed’s decision to hold rates does little to shift markets. At settlement, 2-year +0.8bps at 3.590%, 3-year +0.6bps at 3.657%, 5-year +1.2bps at 3.843%, 7-year +0.8bps at 4.041%, 10-year +0.4bps at 4.249%, 20-year unch at 4.818%, 30-year -0.4ps at 4.859%.
THE DAY: Treasuries were sold on the short end, albeit within contained ranges, whilst the long end was little changed. The main event was the Fed, albeit markets were unfazed by the widely expected Fed decision to hold the FFR at 3.50-3.75% expected. Governors Miran and Waller both dissented in favour of a 25bps, with Friday in focus for a potential glimpse of their reasoning behind their dissents. Changes within the statement unveiled policymakers holding a more optimistic outlook on the economy and job growth, and a view of diminishing downside risks to employment. Chair Powell, in the following press conference, views the tariff effect on goods pricing peaking over this year, a prospect, if realised, would tell the Fed it can loosen policy. Aside from the highlights outlined above, there was little of note, with outcomes broadly as anticipated. US Treasury Secretary Bessent in the US afternoon said US President Trump’s Fed chair pick may come in the next week or so. ZN H6 traded between 111’15+ and 111’26+.
SUPPLY:
Notes
US sold USD 30bln of 2-year FRN; high discount margin 0.099%.
Bills
US sold 17-week bills at a high rate of 3.590%, B/C 2.92x.
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: March 2.3bps (prev. 3.4bps), April 5.8bps (prev. 6.7bps), June 17.3bps (prev. 18.3), December 44.7bps (prev. 46.7bps).
NY Fed RRP op demand at 1.1bln (prev. 1.25bln) across 5 counterparties (prev. 5).
EFFR at 3.64% (prev. 3.64%), volumes at USD 88bln (prev. 83bln) on January 27th.
SOFR at 3.66% (prev. 3.66%), volumes at USD 3.145tln (prev. 3.143tln) on January 27th.
CRUDE
WTI (H6) SETTLED USD 0.82 HIGHER AT USD 63.21/BBL; BRENT (H6) SETTLED USD 0.83 HIGHER AT USD 68.40/BBL
The crude complex was firmer, and seemingly boosted by continued punchy Trump rhetoric on Iran. Overnight in APAC trade and through the early part of the EU session, WTI and Brent traded pretty sideways, amid light newsflow, before hitting troughs of USD 62.07/bbl and USD 66.14/bbl. However, benchmarks had already started their turnaround before extending higher as Trump posted on Truth that a massive Armada is heading to Iran, time is running out to make a deal, and the next attack will be far worse. Following this, WTI and Brent gradually edged higher to hit peaks of USD 63.52/bbl and 67.50/bbl, respectively. Oil came off these levels into settlement, and through the US afternoon, potentially helped a couple of factors: 1) reports from Sky News Arabia that Hamas confirms its readiness to transfer the management of Gaza affairs to the Palestinian Technocrats Committee; 2) Broad Dollar strength after Treasury Secretary Bessent said the US is “absolutely not intervening in USD/JPY currently”. Back to Iran, an adviser to Iran’s Supreme Leader totally dismisses the notion of “a limited strike”; and added, “Any military action from the US, from any origin, at any level, will be considered the start of war. The response will be immediate, all out and unprecedented, targeting the aggressor, the heart of Tel Aviv and all who support the aggressor.” In the wake of the Fed, whereby they rates were unchanged as expected, little reaction was seen in the oil space.
In the weekly EIA data, little move was seen, but there was a larger crude draw than expected, a shallower gasoline build, and a surprise distillate build. Overall, crude production fell 36k W/W to 13.696mln.
EQUITIES
CLOSES: SPX -0.01% at 6,978, NDX +0.32% at 26,023, DJI +0.02% at 49,016, RUT -0.49% at 2,654
SECTORS: Real Estate -0.92%, Consumer Staples -0.78%, Health -0.77%, Consumer Discretionary -0.67%, Industrials -0.53%, Utilities -0.23%, Financials -0.03%, Communication Services +0.08%, Materials +0.17%, Technology +0.62%, Energy +0.74%.
EUROPEAN CLOSES: Euro Stoxx 50 -1.03% at 5,933, Dax 40 -0.20% at 24,844, FTSE 100 -0.52% at 10,154, CAC 40 -1.06% at 8,067, FTSE MIB -0.66% at 45,139, IBEX 35 -1.10% at 17,608, PSI +0.11% at 8,663, SMI -1.53% at 13,012, AEX -0.45% at 997
STOCK SPECIFICS
NVIDIA (NVDA): China approved the first batch of H200 AI chips for import, covering several hundred thousand
Amazon (AMZN): Cuts 16k jobs globally to undo pandemic-era hiring amid AI push
C3.ai (AI): Is in talks to merge with startup Automation Anywhere.
Applied Materials (AMAT): Upgraded at Mizuho to ‘Outperform’ from ‘Neutral’.
Regenxbio (RGNX): FDA halts RGNX Gene therapy trials after brain tumour found in patient.
Alkami (ALKT): Said to tap adviser to explore sale, Bloomberg reports.
EARNINGS
Seagate (STX): Quarterly metrics beat & issued stronger guidance, supported by robust AI-driven demand for data storage
Texas Instruments (TXN): Stronger than exp. Q1 outlook, signalling a recovery in demand for industrial equipment & vehicles
ASML (ASML): Rev., profit topped, orders reached a record & strong guidance; Announced share buyback of up to €12bln
PPG Industries (PPG): Profit missed & issued cautious outlook
Elevance Health (ELV): Top line weak & FY bottom line guidance missed
Qorvo (QRVO): Light next quarter guidance.
FX
Dollar strength was present on Wednesday ahead of the Fed’s decision to hold rates as expected. US Treasury Secretary Bessent added to existing strength seen in APAC and EU trade after reiterating a strong USD policy, adding “we are absolutely not intervening in USD/JPY currently… The US does not speculate on interventions”. The dollar saw choppy trade amid the Fed’s decision and ultimately trimmed some of the strength driven by Bessent. Language tweaks within the statement point towards an improved outlook on economic growth and reduced downside risks to employment. The decision was met with two dovish dissenters, Governor Miran, who scaled back his usual 50bps dissent in favour of 25bps, with Governor Waller also joining in the 25bps rate cut camp; their dissents will be watched for their view (likely on Friday). In the subsequent press conference, Powell added that they will see the tariff effect on goods pricing peaking over this year; if the Fed sees that, that would tell the Fed it can loosen policy. DXY hit highs of 96.787 before paring to ~96.40
CAD, AUD, and NZD were the relative outperformers on Wednesday with modest strength. For the Aussie, weakness was limited after a hotter-than-expected inflation reading in December, 3.8% Y/Y (exp. 3.6%, prev. 3.4%). ANZ now sees the RBA raising rates by 25bps at its meeting next week, while it views this as a single insurance tightening and not the start of a series of hikes. Money markets also upped their rate hike expectations this week, pricing a ~70% chance from 60.4% seen pre-CPI release. AUD/USD extended into an eight-day run of gains, peaking at 0.70227.
CAD was unfazed by the BoC’s decision to hold rates at 2.25% as expected. The statement, Macklem, and MPR were all very similar to those of their last issues. The BoC continued to note heightened uncertainty amid unpredictable US trade policies and geopolitical risks. The governing council view the current policy rate as appropriate, conditional on the economy evolving broadly in line with the outlook they published today (2027 GDP revised slightly higher, 2026 CPI Y/Y revised slightly lower).
JPY and CHF lost their haven appeals as the dollar clawed back the weakness seen on Tuesday in response to US President Trump saying he didn’t think that the dollar had declined too much. JPY was weighed by said Bessent remarks, but keep in mind that much of JPY’s weakness occurred before Bessent’s remarks, with the downside arising from Bessent having trimmed at the timing of writing; USD/JPY traded between 152.141-154.044
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Key Points
The Federal Reserve left unchanged its overnight borrowing rate in a range between 4.25%-4.5%.
The decision followed three straight cuts since September 2024.
The post-meeting statement offered a somewhat more optimistic view on the labor market while dropping a key reference from the December statement that inflation “has made progress toward” the Fed’s 2% inflation goal.
end
zero hedge:
Despite Two Dovish Dissents, Fed Holds Rates As Expected; Upgrades Growth, Lowers Labor Risks
Wednesday, Jan 28, 2026 – 02:00 PM
Tl; dr: Despite two dovish dissents, The Fed is likely on an “extended pause” noting strong activity data and signs of stabilization in the labor market.
However, Goldman “expects easing to resume later in the year as a moderation in inflation allows for two further ‘normalization’ cuts to take rates back to levels seen by the median FOMC member as neutral.”
Christopher Hodge, chief US economist at Natixis, says at the end of the day here the Fed is “on hold until data prompts a move.”
“We have now entered a new phase of policymaking where the Fed views the risks to both parts of its dual mandate are in balance. It will be incumbent on the data to move the Fed from this perch – the days of insurance cuts to slowly approach neutral are likely over.”
Waller’s odds of being the next Fed Chair went up after his dovish dissent.
* * *
Since the last FOMC meeting on Dec 10th (which resulted in a dovish-er than expected 25bps rate cut and statement), US macro data has surprised significantly to the upside…
Source: Bloomberg
…prompting a plunge in the market’s Fed rate-cut expectations (now below 2x 25bps cuts for the year)…
Source: Bloomberg
The market is now more only modestly more dovish than The Fed’s dots for 2026 (but the market is also not pricing in any more moves from The Fed after that)…
Source: Bloomberg
All of which has sent the dollar tumbling and gold exploding higher (while stocks rallied and bonds sold off)…
Source: Bloomberg
Heading into today’s FOMC statement (and presser), a dramatically wide consensus expects a “boring” and “uneventful” dovish hold with an upgrade to growth, and less downside risk to employment.
…and that’s EXACTLY what we got.
No change in rates…
Federal Open Market Committee votes 10-2 to leave its benchmark interest rate in a target range of 3.5%-3.75%
Fed Governors Christopher Waller and Stephen Miran voted against the decision in favor of lowering rates by a quarter-point
Which prompted a jump in the odds of Waller getting The Fed Chair job…
When asked if he was worried about losses in the dollar, Trump told reporters in Iowa on Tuesday: “No, I think it’s great.”
Bessent then dropped two more tapebombs…
While stating that “WE DON’T COMMENT ON INTERVENTION SPECULATION”…
Bessent then confirmed that “US IS ‘ABSOLUTELY NOT’ INTERVENING IN DOLLAR-YEN NOW”
This prompted yen weakness, retracing some of the post ‘rate check’ rally…
…and dollar strength…
This move comes minutes after Goldman Sachs Delta-One desk head warned: Near-term, feels dangerous to press dollar downside given how extreme the moves have been.
USA ECONOMIC NEWS
Tucker Carlson Presses Peter Schiff On Bitcoin As A New Global Reserve Currency
In a new interview with US media personality Tucker Carlson, gold advocate Peter Schiff renewed his attack on Bitcoin and the broader crypto industry.
Speaking on Carlson’s show, he argued that Bitcoin is a speculative instrument with “no actual use” and warned that proposals for a US strategic reserve amount to a taxpayer‑funded bailout for early adopters.
Schiff also spent much of the conversation attacking official inflation data and fiscal policy, telling Carlson that Americans are “being lied to” about inflation, and arguing that the government changed the Consumer Price Index so that it could blame the private sector for the higher cost of living, when it was “simply raising prices in response to inflation.”
He singled out President Donald Trump’s signature Big Beautiful Bill as “the worst thing that we’ve done under Trump,” and argued that the legislation not only preserved all the deficit spending under President Joe Biden, but “made it worse” by “increasing government spending” and cutting taxes.
“Complete waste of capital”
Schiff turned to the crypto industry and complained about the US government “promoting” it, which is a “complete waste of capital” and has caused many Americans to “throw their money away” on crypto.
Peter Schiff discusses inflation, gold and Bitcoin. Source: Tucker Carlson
When Carlson cuts in to ask, “Why is it throwing it away?” and why betting on Bitcoin is any different from buying gold or stocks, Schiff answers that BTC has “no actual use” beyond speculation and “the only reason anybody wants to buy it” is that “they think the price is going to go up.” “That is the sole source of demand,” he said.
He added that people who “made money in crypto” only did so because “the crypto that they bought a long time ago went way up,” not because they produced anything of value, or made people’s lives better.
“How’s that different from buying gold? You’re not making anything. You’re not making anyone’s life better,” Carlson interjects, to which Schiff replies:
“There’s a big difference… [Bitcoin] is never going to earn money in the future. It is a non-income-producing digital asset. It’s got nothing in common with gold.”
Bitcoin: The new global reserve currency?
Summarizing Schiff’s arguments about the state of the global economy and the decline in purchasing power of the US dollar, Carlson asks why Bitcoin could not become the next global reserve asset as confidence in the dollar erodes.
Schiff dismisses that idea outright, claiming that a Bitcoin strategic reserve is really just a “Bitcoin bailout fund,” trying to use taxpayer money, and alleging that some early holders “were able to pay off a bunch of politicians and get them to support Bitcoin.”
He argues that both BTC and fiat currencies are ultimately faith‑based, but that central banks cannot rely on Bitcoin because it has no non‑monetary demand and would collapse if they ever tried to liquidate it at scale.
By contrast, he calls gold “real money” and “a valuable commodity” used in jewelry, aerospace, consumer electronics and medicine, and says that tokenized, fully backed gold on blockchains can deliver internet‑native payments without creating inflation or relying on ever‑rising token prices.
The price of gold has been on a tear lately, reaching a new all-time high over $5,000 an ounce on Monday, amid rising global trade tensions, while the Bitcoin price fell briefly below $86,000, signaling a sharp divergence as the precious metal surged 17% in January.
UPS has decided to permanently retire its fleet of 27 MD-11 aircraft and take a $137 million after-tax write off instead of returning the widebody freighters to service even if they are cleared to fly again by aviation authorities following the crash of one of its planes in early November.
The express delivery and logistics giant began a phased drawdown of the aging tri-engine aircraft, but said on Tuesday that it has accelerated the retirement plan and will replace the aircraft with more efficient twin-engine Boeing 767-300 cargo jets.
The MD-11s have been parked since Nov. 8, when the Federal Aviation Administration ordered UPS, FedEx and Western Global Airlines to ground their MD-11 fleets until inspections and any potential corrective steps can be completed in the wake of the fiery crash of UPS MD-11 in Louisville, Kentucky, that killed 15 people. Investigators are focusing on why the engine and engine pylon, which was discovered to have structural fatigue cracks, separated from the left wing as the plane moved down the runway.
UPS compensated for the loss of MD-11 capacity during the fourth-quarter peak season by repositioning some aircraft from other parts of the world to the United States, moving more packages by truck and leasing aircraft from partner airlines. The ability to meet demand with alternative capacity convinced management to discard the MD-11s, said Chief Financial Officer Brian Dykes during an earnings call with analysts.
“Over the next fifteen months, we expect to take delivery of 18 new Boeing 767 aircraft, with 15 expected to deliver this year. As new aircraft join our fleet, we will step down the leased aircraft and associated expenses. We believe these actions are consistent with building a more efficient global network positioned for growth, flexibility and profitability,” he said.
UPS incurred $50 million in extra costs for other airlines to supply and operate aircraft in the company’s network during the second-half of the fourth quarter and expects to spend $100 million on outsourced capacity this year, Dykes said. Most of the spending for outside airlift will occur in the first half of 2025, when five 767s are expected to be delivered by Boeing.
The MD-11 has a maximum payload of more than 207,000 pounds, with space for 26 containers on the main deck and 13 in the lower hold. The B767 is smaller, with a 132,000-pound payload capability and room for 24 large containers and seven lower-deck shipping units. It also has a shorter range.
FedEx has said it anticipates its fleet of MD-11 freighters to return to service sometime after March, but there has been little indication from regulators so far about the progress of inspections.
Aviation analysts say it may not be worth bringing back the MD-11s if regulators determine that extensive repairs are required to make them safe.
Boeing issued a service bulletin 14 years ago in which it disclosed four previous separations of an attachment that helps hold engines to the MD-11’s wing, according to a National Transportation Safety Board report earlier this month.
END
Yale Goes Tuition-Free For Middle-Class As Dartmouth Prez Pushes ‘Protections For Unpopular Views’
Tuesday, Jan 27, 2026 – 06:00 PM
Starting this fall, Yale University will offer free tuition for new students from households earning less than $200,000 – excluding room, board, fees and books, while admitted students whose families make less than $100,000 will pay nothing.
Tuition alone at Yale is $72,500, while the full cost of attendance – including room, board, fees and books, is around $98,000.
The move adds Yale to a growing list of Ivy League institutions with similar financial-aid programs aimed at middle-class families, including Harvard and MIT.
The past few years have brought a string of announcements from schools making their financial aid more generous, including Harvard, MIT and University of Pennsylvania, which each offer tuition-free entry to families making up to about $200,000. Schools including Stanford, Princeton and the University of Texas system cover tuition for students whose families earn close to or above six figures. –WSJ
“We have made a lot of progress with low-income families and students over the past decade, and now we want to continue to make those inroads with some of our middle-class and upper-middle-class families,” said Yale’s dean of undergraduate admissions and financial aid, Jeremiah Quinlan.
That said, Quinlan told the Wall Street Journal that the deal applies to families with “typical assets,” though he did not elaborate on what defines typical. “If you have an outsized asset portfolio, even if you have an income level that’s in one of these areas, you might get a different financial-aid offer,” he added.
Roughly 1,000 Yale undergrads out of 6,800 attend the school at no cost, while 56% receive some aid. This, as the university’s endowment grew 11% last year to $44 billion, the WSJreports.
According to a Harvard-based team of researchers at Opportunity Insights, enrollment at Yale has been strong among low-income (subsidized) students and high-income students vs. the “missing middle,” the group said.
Fixing College
While Yale says the free tuition push is about equality, it also comes as many are questioning the value of a degree in the first place. Recent graduates are struggling to find jobs in a rapidly changing market, while progressive ideology has turned college campuses into training camps for radical protest, anti-white racism, and social dysfunction.
As Dartmouth president Sian Leah Beilock writes in the Journal this week, “American higher education has a trust problem,” adding “Colleges can also be too ideological: On many campuses, students are exposed to a limited range of perspectives, signaling to them what rather than how to think.”
Also, ‘return on investment matters,’ Beilock continues.
Affordability isn’t enough. A college education is one of the largest investments a family will ever make, and there must be an undeniable return. Institutions should be held accountable for student outcomes: Are our graduates getting jobs, pursuing meaningful work, and contributing to their communities?
And the most important point…
Third, re-center higher education on learning rather than political posturing. Too often, colleges and universities have participated in the culture wars. The result is an environment in which students and faculty feel they must toe an ideological line rather than explore ideas that fall outside prevailing norms.
Beilock is calling for colleges to ’embrace institutional neutrality,’ which Dartmouth refers to as ‘restraint’ – because when colleges rush to issue statements over every major political event, “we signal there’s a “right” position and that opposing views are unwelcome.”
The problem, according to Beilock is campus culture – which needs to be realigned so that “controversial speakers are heard rather than canceled, where disagreement is expected rather than feared, and where people can explore ideas without being defined by them.”
And How?
Universities must ‘double down on supporting faculty who provide structured opportunities for disagreement on complex issues and provide clear protections for faculty, staff and students who voice unpopular views.‘
Beyond that, Beilock is calling for:
– Equal opportunity, not equal outcomes. “When an A is the default, it stops meaning “excellent.” It means “I showed up.””
– Defense of a genuine meritocracy of ideas. “Research funding, faculty hiring and academic recognition should be grounded in scholarly excellence, not ideological litmus tests.”
Based?
END
this should be interesting!!
(zerohedge)
FBI Raids ‘Ground Zero’ Fulton County Election Office In 2020 Voter Fraud Probe
Wednesday, Jan 28, 2026 – 01:15 PM
The FBI has raided a Fulton County, Georgia election hub that was ‘ground zero’ for voter fraud concerns in the 2020 election, Fox News reports.
Agents could be seen entering the Fulton County Election Hub and Operation Center, a new facility which opened in 2023 – and was designed to streamline their election process (we’re sure!).
According to the report, it was not immediately clear what the FBI agents were investigating, just that it’s related to the 2020 US election.
In December, news broke that tabulation tapes in Fulton County were not signed, affecting 315,000 votes. After Secretary of State Brad Raffensperger tried to reassure voters that “Georgia has the most secure elections in the country,” Republicans questioned him…
“If only Georgia had an official responsible for preventing clerical errors that undermine election integrity. Is there anyone in Georgia who has that job, Brad?” said Lt. Gov. Burt Jones, who is running for governor.
US Rep. Mike Collinns, who is running for Senate, said he was “tired of empty words from weak leaders,” adding “Turns out over 300,000 early votes in the 2020 election were illegally certified but still included in the final results.”
Earlier this month, President Donald Trump sought a $6.26 million reimbursementfor legal fees stemming from his now-dismissed election interference case.
Breaking news, check back for more updates…
KING NEWS
The King Report January 27, 2026 Issue 7668
Independent View of the News
Healthcare stocks cratered, driving the DJIA to a 417-point loss by 9:31 ET. After aggressive buying took the DJIA to a 253-point loss at the 11:30 ET, the DJIA tumbled to a loss of 543.43 at 13:05 ET.
Insurers Tumble on Proposal to Keep Medicare Payment Rates Flat – BBG Medicare Advantage payment rates will rise by just 0.09% in 2027, according to the Centers for Medicare and Medicaid Services… (Yes, Virginia, the US is mostly a socialist enterprise.) United Health Group Inc. stock sank almost 17% at 9:32 a.m.… CVS Health Corp. dropped 8.2% and Humana Inc. fell 16%… Analysts had been expected an increase as high as 6%…
The dollar hit a 4-year low on fear/expectations of joint Japan-US intervention in the yen/$. Reports have Bessent concerned that the falling yen is hurting JGBs, which induces the known world to sell US debt.
‘The adult in the room’ is being desperately myopic. Global debt owners are extremely sensitive to forex because a minor decline in the underlying currency can wipe out the coupon – and a larger downside move can cost you your job. This is one of the lessons we learned in the ‘80s while at Japanese firms.
‘First, you must get the currency right when investing in foreign debt.’
Trump and his minions are vexed that tariffs have NOT led to US reindustrialization. This is because no one on Team Trump has a manufacturing background. They are mostly paper shufflers. Large manufacturers CANNOT respond to a US government policy that can change in a few short years with a different political party in power.
You cannot allocate billions of dollars to build, rebuild, relocate, retool, re-educate, staff, etc. only to have the policy reversed before the projects are completed or the benefits of the massive restructuring appear.
So, besides lower rates to fund the US increasingly unserviceable debt and interest payments, Team Trump apparently believes its last hope for US reindustrialization is a substantially lower dollar. But, as we keep harping, this strategy in the ‘70s did not boost US manufacturing. It did lead to historic highs in inflation and interest rates.
@sentimentrader: Does the bond market’s institutional crowding signal mounting short-term downside risks? • Institutional Extreme: Hedge fund long bond exposure hits 1-year high; 39% 12-month win rate post-signal for 10Y Treasuries • TLT Weakness: 7-month low capital outflows + 1-year high open interest; 38% win rate in 1 month post-extreme signal • Seasonal Headwinds: TLT enters its historically worst-performing February-April window By tracking institutional positioning, TLT capital flows and seasonal trends, these metrics reveal a data-driven case for a defensive bond market stance, with better entry points emerging after indicator unwinding and seasonal lows. Read Full Analysis: https://sentimentrader.com/pricing
Here’s a seasonal story about Mr. Bond: After the rally to the start the year on new inflows into pension accounts and the general new year enthusiasm, debt issuance soars.
January Conference Board Consumer Confidence 84.5, 91 expected, prior revised to 94.2 from 89.1 Present Situation 113.7, prior revised to 123.6 from 116.8 (a 6.8 miss!?!?); Expectations 65.1, prior revised to 74.6 from 70.7 With the large Dec adjustments, how can anyone believe the January reading, which is the lowest reading since 2014?
Conference Board: “Consumers’ write-in responses on factors affecting the economy continued to skew towards pessimism. References to prices and inflation, oil and gas prices, and food and grocery prices remained elevated. Mentions of tariffs and trade, politics, and the labor market also rose in January, and references to health/insurance and war edged higher.”… Confidence among all generations trended downward in the month, but Gen Z remained the most optimistic of all generations surveyed. By income, confidence on a six-month moving average basis ticked downward for all brackets, and consumers earning less than $15K remained the least optimistic among all income groups. Consumer confidence continued to fade in January among all political affiliations, with the sharpest decline among Independents.”… “Consumers’ planned spending on services over the next six months was weaker in January. The share who said ‘yes’ fell, those who said ‘maybe’ increased, and those who responded ‘no’ was roughly unchanged. Consumer spending trends in 2025 moved towards cheap thrills and necessary services, and away from expensive and highly discretionary activities. These behaviors spilled over into the new year. https://neilsethi.substack.com/p/jan-conference-board-consumer-confidence
As we keep harping, the necessities of life, which change dynamically, are inflating.
November FHFA House Price Index 0.6% m/m, 0.3% expected, prior 0.4% (AKA INFLATION)
November S&P Cotality 20-city house price index 0.47% m/m & 1.39% y/y, 0.22% m/m & 1.3% y/y exp
January Dallas Fed Services Activity +2.7, -2.4 consensus, prior revised to -5.0 from -3.3
Former Cleveland Fed President Loretta Mester on the FOMC meeting: “There’s no rationale for another rate cut.”https://t.co/fE1LEbUrwX
@samcallah: Rick Rieder (from BlackRock and Lehman and R3 Capital) is now the odds-on favorite to become the next Fed Chairman. The two clips below show he is: Motivated to cut rates much lower – Fully aware of fiscal dominance – Eager to use the Fed’s balance sheet in “innovative ways” TLDR: You don’t own enough hard assets. https://t.co/nghz6hRMxI
Yes, Virginia, gold and silver are acting like it’s the ‘70s, but so is the US economy and the Fed.
Spot Gold and Spot Silver rallied sharply on Tuesday. Fangs rallied smartly on looming results.
@ButlerGoldRevo on Monday: When I was working at Dresdner Bank in the late 1990s gold surged and the chief gold trader was summarily fired. Today, gold is again surging, and Goldman Sachs has just fired their chief trader. Why are chief traders fired when prices surge? I think you know the answer…
Due to insatiable demand from data centers, DRAM chip prices are soaring. PC makers are vexed!
@dnystedt: With DRAM contract prices set to rise 60%-70% in the 1st quarter (Q1) and NAND likely up 80%-100%, inventory at Taiwan’s memory makers could provide an NT$100 billion (US$3.2 billion) windfall, media report, adding price negotiations suggest big memory chip price increases, even doubling, should no longer be seen as a surprise due to the supply crunch caused by AI data center demand… Spot market prices of prior-generation DDR4 DRAM chips have soared over contract prices by 172% and current mainstream DDR5 DRAM, 76%, media report, citing Goldman Sachs, which said such premiums mean contract prices will be forced to rapidly catch up… The AI data center shift to High-Voltage Direct Current is causing chip foundry prices for legacy 8-inch wafer production to increase, with Taiwan’s Vanguard (VIS) hiking 4%-8% for some chips, amid strong demand for High-Voltage power components, media report, and a 2nd hike is possible Orders for AI servers have outstripped supply at Foxconn, the world’s biggest AI server maker, media report, adding it’s working overtime to fulfill Nvidia GB300-based server orders now…
@zerohedge: Largest US grid operator was authorized to divert power destined for data centers to households to prevent rolling blackouts. An order by Energy Secretary Chris Wright authorized PJM Interconnection to direct data centers to switch on back-up generators to reduce their burden on the grid. Wait, why can’t data centers not be a burden on the grid all the time? Or is generating AI slop an existential need?
@zerohedge: US SPOT POWER PRICES REACH RECORD HIGH OVER $1,000 PER MWH AT PJM WEST HUB IN PENNSYLVANIA AND MARYLAND We are about to have a very shrill discussion about data center power use
ESHs opened moderately lower on Monday night but reversed quickly into an intractable rally that took ESHs to 7006.25 (+25.00) after the 1:00 ET Nikkei close. After an intractable retreat to 6988.25 at 9:38 ET, ESHs soared on Fed Week and Fang results pattern buying. ESHs hit a daily high of 708.18.50 (+37.25) at 11:40 ET. The post-European close reversal pushed ESHs down to 7001.50 at 13:01 ET.
The afternoon rally, which routinely begins near 13:00 ET, appeared on schedule. ESHs hit 7017.25 at 15:14 ET and then sank to 7006.50 at 16:00 ET.
Positive aspects of previous session Fangs rallied smartly on buying for today’s MSFT, TSLA, and Meta results. The S&P 500 Index hit a record high.
Negative aspects of previous session Precious metals rallied sharply. The DJIA declined sharply. USHs declined on a soft $70.0B 5-year auction (3.823% vs 3.82% WI) and were -17/32 at 16:15 ET.
Ambiguous aspects of previous session The yen/$ strengthened to 152.18.
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6975.42 Previous session S&P 500 Index High/Low: 6988.82; 6958.83
@Osint613: A Hamas-linked channel released a video of a Gazan urging Hamas and other factions to quickly plan a new 7/10 attack in retaliation for Palestinian casualties and prisoners. (DJT’s half measures have consequences!) https://x.com/Osint613/status/2016149109086839113 @EylonALevy: Hamas wants a rematch because it’s an apocalyptic death cult, and the sooner the world realizes it has to be totally eradicated, the sooner we can turn to peace.
@jenniferzeng97: Xi Jinping failed to keep the situation under control… The move to arrest Zhang Youxia has met resistance from multiple sides… A third force has emerged. It may be that several senior elders have formed an alliance to deal with Xi Jinping… Chaos within the Chinese Communist Party is certainly a good thing. Xi Jinping’s power being shaken is definitely a good thing…… But what kind of force ends up restoring order is the most important issue. It is hoped that the United States, Japan, Taiwan, and others will take note of this development and make preparations accordingly. The above comes from Canadian writer Sheng Xue @ShengXue_ca . This video shows that highways leading to Beijing have been closed. On an expressway heading toward Beijing, there is a big sign that reads: “Beijing–Tianjin–Tanggu Expressway, Beijing direction closed, please turn around.” https://x.com/jenniferzeng97/status/2015932023026897109
China ‘hacked the mobile phones of senior officials in Downing Street for years’ State-sponsored hackers targeted the phones of aides to Boris Johnson, Liz Truss and Rishi Sunak between 2021 and 2024, according to The Telegraph… However, intelligence sources suggest that Britain’s telecommunications networks were better protected than those in the US, citing the 2021 Telecommunications Security Act, which introduced new legal duties on telecoms firms to strengthen the security of UK networks… https://ca.news.yahoo.com/china-hacked-mobile-phones-senior-083840790.html
@HibaNasr: Saudi Crown Prince affirms in a call with the Iranian President that the Kingdom will not allow the use of its airspace or territory for any military actions against Iran.
A yuge TACO on Iran with horrifying consequences for Iranians that believed him!
Today – The Fed is expected to keep rates unchanged. Traders will parse the FOMC Communique (14:00 ET) and Powell Press Conference (14:30 ET) for clues to the Fed’s disposition. Traders are buying equity futures and aggressively pouring into precious metals on Tuesday night in anticipation of a dovish FOMC Communique and Powell presser; plus, Trump stated that he is NOT concerned about a drop in the dollar’s value. (See above about Team Trump’s last hope: dollar depreciation!)
ESHs are +16.25, NQAs are +12.50; USHs are -7/32; SI is +7.938; and Feb AU is +141.50 at 20:50 ET.
Tesla, Microsoft, and Meta report results after the NYSE close.
Impact expected earnings: T .47, APH .94, DHR 2.16, LUV .57, GLW .71, ADP 2.58, GD 4.11, IBM 4.28, TSLA .45, MSFT 3.92, META 8.18
S&P Index 50-day MA: 6843; 100-day MA: 6769; 150-day MA: 6624; 200-day MA: 6405 DJIA 50-day MA: 48,171; 100-day MA: 47,355; 150-day MA: 46,417; 200-day MA: 45,187 (Green is positive slope; Red is negative slope)
@Timcast: After Biden was sworn in it took only months for feds to start rounding up J6ers. Many were charged with misdemeanor trespass and were not involved in violence. These people went to prison.A year into Trump and Democrat Leftist insurgent groups are operating in the open. (That’s because basically Trump is faux tough guy.)
@WallStreetMav: Nick Sortor reveals that the Trump administration has ordered ICE not to arrest “non-criminal” illegals. ‘This came from two agents on the ground in Minnesota.’ “One of them said, ‘this feels like we just reverted to the Biden days.’”https://x.com/WallStreetMav/status/2016247330161279371
If the above is true, and Sortor has been consistently right on DJT matters, it would be the TACO Grande! Trump chickens out on the issue that got him elected TWICE! @EricLDaugh: President Trump just called out Tim Walz for doing a COMPLETE 180 and bending the knee to him in private calls, while being rabid and aggressive on TV. WILL CAIN: He likened his situation to the Holocaust, called ICE Gestapo.
TRUMP: “It’s hard to believe that’s the same guy I watch on TV or the debate not doing so well. Because we had a reasonable and good conversation. If you believe it, he’d like to get this over with!” “It couldn’t have been a nicer conversation.”
@elonmusk: They must be hiding something very big in Minnesota to send their foot soldiers there from all over the country.
@JessicaCostescu: Just hours before Sunday’s unrest broke out, Sunrise Movement Twin Cities hosted a virtual training titled “No Justice, No Sleep,” which instructed attendees on how “to kick ICE out of your city” and “shut down hotels that are housing ICE.” https://t.co/aqtu3QNmca
Anti-ICE protesters arrested outside Minnesota hotel as police declare unlawful assembly: ‘No longer peaceful’ – The demonstrators were outside the SpringHill Suites by Marriott in Maple Grove, Minnesota, where they believed US Border Patrol Commander Gregory Bovino was staying… After police declared an unlawful assembly and issued a dispersal order, several people who refused to leave were arrested, authorities said… The Minnesota State Patrol, Minnesota Department of Natural Resources, Hennepin County Sheriff’s Office and Hennepin Public Order Group all responded to the scene to assist Maple Grove officers…https://t.co/A2dP43oLeu
@SarahisCensored: Minnesota State Patrol has now been activated. They could have done this the whole time, butit wasn’t until after the call between Walz and Trump, and the discovery of the Signal groups involving Minnesota government officials, that this happened.
Fox’s @JacquiHeinrich: bigger headline from the Homan meeting: Frey says he won’t play ball on WH ask to cooperate on criminal illegal aliens, in exchange for reduced federal footprint. FREY: “I also made it clear that Minneapolis does not and will not enforce federal immigration laws”
GOP @SenRonJohnson: The deaths of Renée Good and Alex Pretti are tragedies that did not have to happen. So were the deaths of Laken Riley, Jocelyn Nungaray, Brianna Kelson, Rachel Morin, and many, many other victims of illegal immigrants. All these deaths are the result of the Democrats’ open border policy and now the incitement of violence and obstruction against federal law enforcement. Based on Mayor Frey’s statement, it doesn’t appear that Democrat elected officials will admit that the public is safer if they cooperate with, rather than obstruct, federal officials trying to clean up Democrat-created messes.
Virtually daily, social media teems with accounts of illegal immigrants committing murders, rapes, and other violent crimes. Dems and the media ignore this for the obvious reasons. Team Trump is NOT doing enough to level the propaganda field.
Women charged with biting Border Patrol agents’ fingers following Alex Pretti shooting Claire Louise Feng, of St. Paul, and Emily Duchateau Baierl, of Minneapolis, have both been charged with assault… Feng allegedly tackled a border patrol agent who was attempting to arrest another woman. At that point, a second agent attempted to pull Feng away, and took her to the ground – at which point she “forcibly bit the right ring finger of [the second agent].” The injury left the agent with a tip of his finger bitten off, charges allege.. https://www.fox9.com/news/women-charged-biting-border-patrol-agents-fingers-following-alex-pretti-shooting-jan-2026
“Girls Gone Wild” had a different connotation circa 1997! “You’ve come a long way, baby!” Indeed!
@bennyjohnson: How did (Dem Rep, Somalia) Ilhan Omar make millions from a 100% fake winery? Ilhan Omar lists a California winery on her financial disclosures. You can see them below. The winery name is ‘eStCru LLC.’ In 2023 it was valued at $15k. In 2024 it was valued at $5 Million (!!!) This must be a very successful winery to grow that much in value over one year. Except… the winery does not even exist: – No phone line; physical winery; Social media gone dark’ A barely functional ‘website’; No wine lolhttps://t.co/VoQd5ppGur
Trump Turns to Beloved Border Czar Tom Homan as Fractures Open in DHS In recent weeks, it’s been reported that Homan had been sidelined by Noem, in addition to U.S. Customs and Border Protection Commissioner Rodney Scott, and that the two had such an icy relationship that they barely spoke. Other reports indicated that Noem, longtime Trumpworld operative Corey Lewandowski, and Border Patrol Commander Greg Bovino have instituted a mass shakeup affecting longtime ICE leaders, including Homan and ICE Director Todd Lyons… “The President and the American people trust Tom Homan because he’s been doing this work for over 30 years, and you can hear it the second he opens his mouth,” a source familiar with the dynamics told the Caller. (Noem and her alleged lover, Corey Lewandoski, are reportedly NOT respected.) https://dailycaller.com/2026/01/26/donald-trump-border-czar-tom-homan-minnesota-kristi-noem/?s=02
Kristi Noem Grilled and Given Humiliating New Role by Trump after Two-Hour Meeting with President Amid Backlash Over ICE Shooting – The president grilled Noem on her handling of the shooting and her initial response during their late-night Oval Office meeting. Her adviser — and rumored romantic partner — Corey Lewandowski was present alongside her for the discussion… By the end of the meeting, Noem was ordered to step back from interior immigration enforcement and refocus her efforts on strengthening security along the Southern Border… https://www.ibtimes.sg/kristi-noem-grilled-given-humiliating-new-role-by-trump-after-two-hour-meeting-president-amid-83453
NYT: Trump Holds 2-Hour Meeting with Noem Amid Backlash to Minneapolis Shooting Ms. Noem has been the face of the administration’s immigration crackdown, and she has been among the most vocal in spreading false accusations against Mr. Pretti, including labeling him a “domestic terrorist.”… The Oval Office meeting also included several of Mr. Trump’s top aides, including Susie Wiles, his chief of staff, Karoline Leavitt, his press secretary, and Steven Cheung, his communications director. Stephen Miller, a top aide to Mr. Trump who oversees the administration’s immigration strategy, was not part of the meeting… https://www.nytimes.com/2026/01/26/us/noem-trump-meeting-minneapolis-ice.html
Noem demanded hours-long meeting with Trump after she’s sidelined amid backlash over ICE shooting – Noem has faced widespread criticism after she was quick to brand Pretti a “domestic terrorist” who had charged at officers while brandishing a gun… Like Noem, Bovino — known for his no-holds-barred approach to immigration enforcement — was slammed for his claims that Pretti was brandishing a gun before he was shot by border agents, falsely claiming the protester had “wanted to do maximum damage and massacre law enforcement.”… https://nypost.com/2026/01/27/us-news/noem-demanded-hours-long-meeting-with-trump-after-shes-sidelined-amid-backlash-over-ice-shooting/
Alex Pretti broke rib in confrontation with federal agents a week before death, sources say The earlier incident started when he stopped his car after observing ICE agents chasing what he described as a family on foot, and began shouting and blowing his whistle… Pretti later told the source that five agents tackled him and one leaned on his back – an encounter that left him with a broken rib. “That day, he thought he was going to die,” said the source. Pretti was later given medication consistent with treating a broken rib, according to records reviewed by CNN… Pretti’s name was known to federal agents, according to a source…It’s also not clear whether the federal agents who encountered Pretti on Saturday recognized him before they confronted him – eventually wrestling him to the ground, taking a gun from his waistband and then fatally shooting him. https://www.cnn.com/2026/01/27/us/alex-pretti-protesters-minneapolis-invs
There is an explanation as to why Pretti was armed and carrying two 21-shot magazines!
@CBSNews: Notice sent to congressional officials from U.S. Customs and Border Protection with details on fatal shooting of protester Alex Pretti says two federal immigration officials discharged their weapons, both Glocks. During the struggle, a Border Patrol yelled, “He’s got a gun!” multiple times. There’s no mention of Pretti brandishing his gun prior to the shooting. Minutes before, at 9 a.m., a CBP officer was confronted by two female civilians blowing whistles. The women were ordered to move out of the Minneapolis roadway, but did not move. Pretti was pronounced dead at 9:32 a.m.
Here’s what videos of the Pretti shooting show: He and a woman were standing in a street, apparently impeding an ICE operation. An ICE agent confronted a woman, who retreated and was NOT charged. Pretti then got involved in a confrontation with ICE agents that turned violent. After taking Pretti to the ground, an ICE agent shouted “Gun, gun, gun.” An ICE agent drew his gun. An ICE agent grabbed Pretti’s gun, but it apparently accidently fired, which firearm experts allege is common for a Sig Saur P320. Not knowing that Pretti’s gun had been taken and the whereabouts of the gun, two ICE agents shot Pretti. Just before Pretti was shot, it appeared he had objects in each hand and had reached into his waist band. It appears one object was a cell phone. Another agent then searched Pretti’s body for the gun and exclaimed, “Where’s the f-ing gun?” The actions that led to the shooting occurred within seconds.
Alex Pretti’s Sig handgun has history of accidentally firing — offering possible clue to why border agent shot him – Video from the scene shows one federal agent yelling “Gun” and grabbing the weapon from Pretti. The agent is seen walking away with the weapon in his hand, when another agent suddenly stands up and fires multiple times — killing the Minnesota nurse. Rob Doar, a lawyer for the Minnesota Gun Owners Caucus, said he believes that Pretti’s gun went off after the agent grabbed it, leading the other agent to open fire. “I believe it’s highly likely the first shot was a negligent discharge from the agent in the grey jacket after he removed the Sig P320 from Pretti’s holster while exiting the scene,” Doar said on X….https://nypost.com/2026/01/25/us-news/alex-prettis-sig-p320-may-have-gone-off-accidentally-experts-suggest/
Sig Sauer’s $11 Million Misfire: What Gun Owners Need to Know July 30, 2025 Sometimes a trusted gun like the Sig Sauer P320 fires without warning. That happened to U.S. Army veteran George Abrahams. A jury in Philadelphia just handed him $11 million after his holstered pistol shot through his thigh, leaving permanent damage… https://jtnylaw.com/2025/07/sig-sauers-11-million-misfire-what-gun-owners-need-to-know/
Forensic Animations Show Defects in Sig Sauer Handgun In May 2021, a local news network in Boston, Massachusetts reported on an investigation into misfires of these guns and found 36 reports of misfires between 2016 and late 2021… https://phillipslaw.com/blog/defective-sig-sauer-handguns-still-out-there/
@EricLDaugh: Minnesota federal Judge Patrick Schiltz is a DONOR and VOLUNTEER for the pro-illegal alien Immigrant Law Center……and is the same judge who shielded DON LEMON from accountability after storming the church, AND is threatening to hold ICE Director Todd Lyons in contempt, per Fox’s @BillMelugin The judicial cartel IS REAL. It needs to be purged. How can we have a republic when the judiciary is tainted like this?
@Milajoy: Senator’s Votes Pump MILLIONS into Wife’s NGO Cash Cow – You Won’t Believe the Payoff! – (Dem)Sen. Sheldon Whitehouse funneled over $14M in federal grants to Ocean Conservancy, where his wife Sandra raked in $2.7M. Ethics complaint filed, but his team cries ‘politics.’ Corruption or coincidence? https://x.com/Milajoy/status/2015684333852565865
@EricLDaugh: Florida Gov. Ron DeSantis just demanded the Congressional GOP GET TOUGH and IMMEDIATELY put the following bills up for a vote to energize voters. “Go after the remittances! Do employment verification. DEFUND sanctuary cities! Our voters support this 80%+!” “GO BOLD, make Democrats vote against these really popular things! Our voters WILL get energized!” Add the SAVE ACT onto that list, and we would be in incredible shape for MAGA to win the midterms!
@NightSkyNow: Scientists Just Broke Light — One Photon Now Holds 37 Realities In a peer-reviewed quantum breakthrough, scientists have created one photon that exists in 37 quantum dimensions simultaneously. These aren’t physical directions like up or down — they’re informational layers hidden inside the light itself… this could lead to ultra-secure quantum networks, next-generation encryption that’s nearly impossible to hack, and computing systems capable of solving problems today’s fastest machines can’t even touch. Instead of light being just a beam, it becomes programmable, layered, and intelligent…https://t.co/samXyQ9CKj
Joe Rogan Podcast News @joeroganhq: Ex-Delta Force operator Dale Comstock: “There were 2 snipers after Trump at the Butler assassination attempt — not one.” (Secret Service snipers testified to Congress that they took fire from two angles. Comstock believes one shooter was Ukrainian. One theory has Trump leveraging this to get concessions from Zelinsky. You cannot find the alleged shooter, his steps, or his parents.) https://x.com/joeroganhq/status/2016252371735650681
Nutrition Science’s Most Preposterous Result In 2018, a Harvard doctoral student named Andres Ardisson Korat was presenting his research on the relationship between dairy foods and chronic disease to his thesis committee. One of his studies had led him to an unusual conclusion: Among diabetics, eating half a cup of ice cream a day was associated with a lower risk of heart problems… the idea that a dessert loaded with saturated fat and sugar might actually be good for you raised some eyebrows at the nation’s most influential department of nutrition… https://www.unmc.edu/healthsecurity/transmission/2023/05/09/nutrition-sciences-most-preposterous-result/
@AdamSchefter: Bill Belichick, the 8-time Super Bowl-winning HC, is not a first-ballot Hall of Famer, per @SethWickersham and @DVNJr. Belichick fell short of the 40 out of 50 votes needed for induction to the Pro Football Hall of Fame in his first year of eligibility.
Each ‘reporter’ that did NOT vote for Belichick should forfeit their HOF voting privileges for eternity.
@MySportsUpdate: Fromthe ESPN report:Bill Polian was a vocal figure in the Hall of Fame deliberations involving Bill Belichick, with Spygate and Deflategate coming up among voters… Per a voter who spoke anonymously, Polian — the former Bills and Colts GM and longtime Patriots rival — told some voters he believed Belichick should “wait a year” as penance for Spygate. This is a terrible look for the Pro Football Hall of Fame. No other way to say it.
@MattVerderame: I just spoke on the phone with Bill Polian and asked whether he was an influence on Bill Belichick being snubbed by the Hall of Fame. His quote:“That’s totally and categorically untrue. I voted for him
SWAMP STORIES FOR YOU TONIGHT
Even The Biden Admin Investigated Ilhan Omar’s Shady Personal Finances
Tuesday, Jan 27, 2026 – 09:20 PM
According to financial disclosures filed last year, Rep. Ilhan Omar’s net worth has surged in recent years. Omar reported that her husband held stakes valued between $6 million and $30 million in a venture capital firm and a winery. That sudden and dramatic increase in wealth has now drawn scrutiny. House Oversight Committee Chairman James Comer (R-Ky.) plans to open an investigation into how such a meteoric rise occurred so quickly, and she is also under criminal investigation by the Department of Justice.
The existence of the federal probe became public after President Donald Trump mentioned it in a Truth Social post on Monday. Trump wrote, “the DOJ and Congress are looking at ‘Congresswoman’ Illhan Omar, who left Somalia with NOTHING, and is now reportedly worth more than 44 Million Dollars. Time will tell all.”
Omar dismissed Trump’s announcement in a post on X.
“Sorry, Trump, your support is collapsing and you’re panicking,” she wrote. “Right on cue, you’re deflecting from your failures with lies and conspiracy theories about me. Years of ‘investigations’ have found nothing. Get your goons out of Minnesota.”
Others are accusing Trump of weaponizing the Justice Department against his political enemies.
“The Justice Department’s ‘investigation’ of Representative Omar, a longtime critic of President Trump, looks suspiciously like a continuation of Trump’s revenge campaign against Minnesota’s elected officials and anyone else who disagrees with him,” claimed Christina Harvey, executive director of Stand Up America.
However, Omar’s shady personal finances even caught the attention of the Biden Justice Department back in 2024.
According to a New York Times report, federal prosecutors launched an investigation into Omar that scrutinized her personal finances, campaign spending, and contacts with a foreign national.
The investigation began in June 2024, with federal prosecutors working alongside the Justice Department’s public integrity unit. Investigators examined Omar’s financial disclosures, campaign records, and other relevant documents. The inquiry reportedly slowed after agents said they found no evidence that required further action. There are fresh doubts about that explanation, as Omar’s disclosures show a sudden rise in high-value assets connected to her husband’s business ventures, raising new questions about their legitimacy. Most of the reported wealth comes from two sources: a winery in Santa Rosa, California, and a venture capital firm in Washington, D.C.
The winery, listed as eStCru LLC, jumped in reported value from $15,000–$50,000 in 2023 to $1 million-$5 million the following year. Rose Lake Capital showed an even more dramatic spike. The firm went from having just $42.44 in its account in late 2022 to a reported value of up to $25 million by 2024, according to Omar’s financial disclosure.
Omar’s husband, Tim Mynett, co-founded Rose Lake Capital in 2022 with Will Hailer as part of a network of companies he controls. The sharp increase in money and lack of a public track record raised suspicions among associates, who alerted federal investigators.
This is not the first time Omar’s shady finances have come under scrutiny.
Omar has previously faced multiple allegations related to her finances and campaign funds. A2019 investigation by the Minnesota Campaign Finance Board examined complaints that she used nearly $6,000 in campaign funds for personal expenses, including payments to her divorce attorney and travel, and was ordered to reimburse her campaign. That same year, Minnesota campaign finance officials found that Omar filed joint tax returns in 2014 and 2015 with Ahmed Hirsi while she was still legally married to another man.
House Oversight Chair James Comer told the New York Post he plans to launch an investigation into what caused the dramatic spike in Omar’s net worth.
“We’re going to get answers, whether it’s through the Ethics Committee or the Oversight Committee, one of the two,” Comer said.
“There are a lot of questions as to how her husband accumulated so much wealth over the past two years,” Comer added. “It’s not possible. It’s not. I’m a money guy. It’s not possible.”
A law enforcement source alsoconfirmed the criminal investigation.
“We are investigating all politicians potentially connected to any of this [fraud] in Minnesota. You can read between the lines,” the source said.
END
Go Ice??? and he is put on leave?
(zerohedge)
“Go ICE”: Chicago-Area Teacher Put On Leave For Two Words Posted On Facebook
Some of us in the free speech community have been writing about the hypocrisy of many in the media and academia suddenly championing free speech values after years of silence (or support) over censorship of conservatives, libertarians, and contrarians.
A good example can be found in the Chicago area, where a physical education teacher is on administrative leave and faces possible termination after posting two words (“Go ICE”) on Facebook in support of Immigration and Customs Enforcement (ICE).
Local leaders and groups are demanding that he be fired, even though a posting opposing ICE would likely have been heralded rather than condemned.
Social media exploded with commentators calling the teacher a “f****** piece of s***.”
A flyer demanded termination because any expression of support for ICE is “inappropriate and unsuitable for an educator.”
The flyer insisted that “keeping this teacher will disrupt the emotional welfare and therefore, the education of our students.”
Local Democratic leaders immediately joined the mob. That includes Karina Villa, who posted a message saying she stands in “unwavering solidarity” with those demanding action given the “disturbing comments reportedly made by an educator.”
As is often the case, Villa did the perfunctory nod toward the right to free speech before joining the effort to gut it. She acknowledged the right, but noted that “as educators we have the responsibility to our students and their families to create a safe and welcoming environment for all.”
According to the district’s superintendent, Kristina Davis, the unnamed teacher submitted a resignation on Friday but then withdrew that resignation before the board could approve it. She then suspended the teacher pending an investigation.
That “investigation” concerns the posting of two words in favor of law enforcement outside the school on a personal social media account.
In the meantime, Mayor Daniel Bovey and the city council of West Chicago held a “listening session” on Monday to address the trauma of having a teacher who openly supports ICE. The District also addressed what it called the “disruption for students, families, and staff” and assured families that “our schools are safe spaces.”
Once again, the teacher simply wrote “Go Ice” on a personal social media account.
Notably, the nearby Chicago Teachers’ Union is one of the most radical and politically active in the country.
harveyorganblog.com 
